Amazon revolutionized purchasing with “1-Click”. Now, Swedish Fintech Minna Technologies is bringing the ‘1-click’ experience to banks’ mobile applications, further showcasing the promise of open banking.
GOTHENBURG, Sweden, Dec. 10, 2021 /PRNewswire/ — Amazon invented the “1-Click” checkout, giving their customers the ability to make purchases on the web with just a click of a button. Today, it’s merely a swipe and we live in a world where digital, friction-less purchasing behavior is status-quo.
Minna Technologies subscription management technologies embedded into the banking environment
Minna Technologies is empowering banking customers to manage their subscriptions just as easily. Its technology enables banking clients to manage their full subscription spend frictionlessly within the native banking app environment.
Bringing the one-click to subscription management, Minna is making it as easy to manage as it is to buy subscriptions. It is as simple as View-Click-Remove, directly in the banking app.
The subscription industry is worth 650 billion dollars and is predicted to grow to 1.5 trillion dollars in the next five years. By 2023, Gartner predicts that 75% of all B2C businesses will offer subscriptions and so the universe of transactions is only growing.
While purchasing subscriptions is relatively frictionless- be it through an app store, over a website, or even directly in a physical location- managing the overall subscription payments remains disparate. Today, all payments originate from a bank account. Minna’s embedded banking technologies open the possibility for banks to ensure that where consumers pay is also where they manage subscriptions in a one-click, self-serve manner.
By empowering consumers to manage their money through a transparent and action-based front end, they are less likely to seek bank support. From identification to the ‘stop payment’ of unwanted transactions, managing subscription transactions can be expensive for banks. From expensive call centers through to chargeback costs, releasing the burden of cost can support the bank’s bottom line.
Tiama Hanson-Drury, Chief Product Officer of Minna notes: “A consumer today has an average of 12 subscriptions, with up to 4 to 5 potential touchpoints for each merchant. What started as frictionless, recurring payments has turned into a web of transactions. By working with banks, Minna is making subscription management ‘one-click within the native banking app, allowing consumers to manage where they pay.”
Christian Fjestad, Head of Innovation, SpareBank1 Østlandet says: ‘As a bank, we work hard to create awareness and help our customers understand and control their everyday finances. By embedding third-party solutions like subscription management from Minna in our banking app, we enable our clients to act directly on the insights we provide. Our ambition is to do more than just create awareness and overviews. We want to empower customers to go from insight to action directly – without having to leave our banking app. At the end of the day, real actions are what improve your personal financial wellness. Growing trends – like the subscription economy – makes it even more relevant to provide insight and services for consumers to manage the increasing number of automated purchases.’
Michael McFadgen, Partner at Element Ventures comments: ‘In a move toward a super-app, we think that innovation is most likely to happen around the current account driven by both incumbent banks and neobanks . That said, banks are still incredibly protective of the front-end digital experience and there’s still a preference to build versus buy. That is why what Minna is doing is so special. Very few other financial technology firms have been let into the crown jewels of the customer experience.’
To learn more about Minna’s product click here. Read our Insights Report: The 1-Click Generation →
https://minnatechnologies.com/2021/12/08/minna-technologies-enables-a-1-click-revolution-in-banking/
About
Minna Technologies, the Swedish FinTech established in 2016, creating a problem-free subscription economy by providing genius infrastructure that empowers everyone. Partnering with top-tier banks across Europe and backed by some of the biggest financial companies in the world, currently, around 20 million people benefit from Minna’s subscription solutions.
Related Links :
http://minnatechnologies.com/
Donate To The Indian Sun
Dear Reader,The Indian Sun is an independent organisation committed to community journalism. We have, through the years, been able to reach a wide audience especially with the growth of social media, where we also have a strong presence. With platforms such as YouTube videos, we have been able to engage in different forms of storytelling. However, the past few years, like many media organisations around the world, it has not been an easy path. We have a greater challenge. We believe community journalism is very important for a multicultural country like Australia. We’re not able to do everything, but we aim for some of the most interesting stories and journalism of quality. We call upon readers like you to support us and make any contribution. Do make a DONATION NOW so we can continue with the volume and quality journalism that we are able to practice.
Thank you for your support.
Best wishes,
Team The Indian Sun
