Minna Launches Subscriber API
Minna Technologies today announces the Subscriber API, one API to fuel the subscription economy. The single API accelerates integrations for subscription-based businesses, banks and fintechs; enabling subscription management features, product innovation and seamless roll-outs.
Minna’s automated subscription management engine enables brands to deliver a consistent user experience across new channels, including the banking platform, in order to reach subscribers where they are managing their money. Banks embed the API to support their customers’ need for subscription management, while improving their share of top of wallet and combating operational costs.
The API features include pausing, upgrading or downgrading subscriptions, providing offers, changing payment methods, canceling and resubscribing. Where previously multiple integrations were required to implement full feature functionality, the Subscriber API offers all features, for all customers, while facilitating faster onboarding, decreased maintenance efforts and lower operating costs.
According to research by Minna, 86% of consumers would consider accepting an offer rather than canceling, 80% would rather upgrade or downgrade than cancel, 72% would rather pause than cancel. 1 in 5 consumers are canceling subscriptions within banking apps and the challenge this poses to subscription businesses is considerable. Minna’s capabilities allow a customer to resubscribe easily, increasing win-back by 20%.
For subscription businesses, Minna’s solution drives subscription growth, retention, optimizes operations and customer experience while unlocking a wealth of data to further develop products.
Amanda Mesler, CEO Minna Technologies: ‘In a market worth £650bn, customer acquisition costs are skyrocketing, lifetime value has been shortening, and churn is increasingly difficult to dissect. 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, banks onto a singular platform.’
Kirsty Rutter, Fintech Director, at Lloyds Banking Group said: ‘Nearly 4 million subscriptions have been managed using our subscription management tool since it launched in the summer of 2021. 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.”
Ruth Bickerton, VP Global Strategic Alliances at Aptitude said: ‘Making subscription management as simple as possible is an important part of our clients’ retention and acquisition strategy. 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.’
Using the one rapid integration to centralize and transform how subscriptions are managed, banks increase speed to market and ultimate control of product updates, while they benefit from the continuous product improvements. Minna’s secure, scalable, cloud-native platform is built for enterprise, is PCI-DSS and ISO compliant and works with all payment rails and card schemes.
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