Collaboration between the banks and subscription management fintechs

In this article, I will talk about why banks should cooperate with subscription management fintech startups. We will also mention how these companies make subscription cancellations and briefly discuss two essential fintech companies that have brought significant innovations to today's banking.

The increase in subscription-based products could be a big problem for customers. As subscription-based products increase significantly, it became difficult for customers to manage and cancel them. Also, for budget-management wise, having a lot of subscriptions is not a good thing.

Both fintech companies we will mention today wanted to increase their market shares by working with banks. Their white-labeled solutions are keen to make the cancellation process much easier for end-users. Banks working with those fintechs to increase customer loyalty. By targeting deliver better customer satisfaction, they hand over power to users for cancellation.

Since many banks or digital banks providing PFM (personal finance management) solutions, subscription management fintech startups play an important role. Thus, banks can give user-friendly products to their customers, and the implementation process will be much more comfortable; kudos to fintech companies work in this field.

Thanks to this innovation brought by subscription management Fintech companies, banks aim to reduce unnecessary and expensive subscriptions as much as possible. One of the fundamental reasons banks work with such fintech companies is adapting to innovation and bringing a better customer experience.

Fintech companies create smart solutions for cancellation difficulties. While canceling some subscriptions hard through subscription channels, those fintech companies make the process much faster, easier, and more automated.

I want to mention two companies that are successful in their field and provide white-labeled solutions for the banks:

Subaio

First, I'll talk about Subaio. Subaio is a Danish software company founded in 2016 during a hackathon. Subaio is in cooperation with banks such as Arbejdernes Landsbank, spar Nord, Nordea, SparebankenVest, Lunar, Nykredit, ABN AMRO and Bulder Bank. Subaio offers its customers services that allow you to control your subscriptions.

Subaio offers a white-label subscription management service with the bank in mind. This startup believes that technology should be used to simplify the complex and create customer-oriented services that solve real problems. Currently their headcount more than 20 and recently Mastercard Start Path has selected Subaio as one of the participants in its exclusive program.

Minna Technologies

Another critical and successful company, Minna is an FSA authorized FinTech partner. Minna Technologies was launched in 2016. Minna Technologies cooperates with important banks such as ING, OP, Visa, Swedbank, Danske Bank, SpareBank 1. Minna's primary goal is to assist retail banks and subscription providers.

Subscription economy is one of the biggest megatrends in society, according to Minna. It also transforms personal finance and makes life easier for consumers.

Both fintech companies aim to make it easy and effortless to cancel or block subscription based payments. This allows for the reduction of customer support costs. It also avoids chargebacks. This means it is possible for individual customers to cancel their subscription directly from the digital bank. Thus, services are accelerated and customer satisfaction increases.