London-based fintech Minna Technologies has unveiled its latest offering, the Subscriber API, which provides a single platform for subscription-based businesses, banks and fintechs.
The automated subscription management engine allows brands to deliver consistent user experiences across multiple channels, including banking platforms, to reach subscribers wherever they are managing their money.
Banks can embed the API to provide subscription management support, while minimising operational costs and improving their share of top-of-wallet customers.
The Subscriber API enables pausing, upgrading, downgrading, providing offers, changing payment methods, cancelling and resubscribing all through one interface, making integrations quicker, and reducing maintenance and operating costs. This contrasts with the previous requirement for multiple integrations to implement full-feature functionality.
Minna’s research has shown that 86 per cent of consumers would consider accepting an offer instead of cancelling, 80 per cent would rather upgrade or downgrade their subscription, while 72 per cent would rather pause it.
In addition, one in five consumers are cancelling subscriptions within banking apps, which presents a considerable challenge to subscription businesses. Minna’s solution aims to allow customers to resubscribe easily, increasing win-back by 20 per cent.
Benefits of Subscriber API
Amanda Mesler, cjhair and CEO of Minna Technologies, said: “Global subscription businesses are looking for clever ways to eradicate passive and involuntary churn. From offers through to pausing subscriptions, subscription-based businesses can nimbly respond through a single Minna integration to engage customers in the banking environment. As first-to-market, this launch represents the convergence in the space by bringing together subscription-based businesses and banks onto a singular platform.”
Minna’s Subscriber API is built for enterprise, and is PCI-DSS and ISO compliant, and works with all payment rails and card schemes. Banks benefit from continuous product improvements, increased speed to market, and greater control over product updates.
Kirsty Rutter, fintech director at Lloyds Banking Group, said: “Fintech partnerships, including our work with Minna Technologies, help deliver a service that make it easier for our customers to budget, which has been particularly important as household bills have risen over recent months.”
While Ruth Bickerton, VP global strategic alliances at Aptitude, added: “As the world moves to omnichannel, mechanisms like the Subscriber API allow subscription businesses to feel a sense of control over the customer experience, both in owned channels and partner channels such as banking apps.”