Minna Technologies Partners with Fintech Apps to Ease UK Cost of Living
Minna Technologies, the embedded subscription management solution, announced today at Fintech Week London that it is expanding to support the fintech ecosystem as the industry seeks to tackle the cost of living crisis in the UK. Empowered by open banking, Minna seeks to give consumers the ability to manage subscription spend wherever they are managing their money, expanding to Neobanks, PFMs and Wealthtech alongside Retail Banks.
May 2022 saw the Consumer Prices Index (CPI) 9.1% higher than the year prior. Food inflation is at a 13-year high with UK domestic gas prices increased by 95% and domestic electricity prices by 54%. According to new research from consumer group Which?, more than 2 million households have missed a bill payment every month this year as people struggle to keep their heads above the water in the relentless cost of living crisis and consumers are going back to the whiteboard to investigate their spending. Six in 10 consumers said they had to make an adjustment – such as cutting back on essentials or dipping into savings – to cover essential spending.
Minna provides a frictionless subscription management solution within banking and fintech apps to help customers cancel unwanted subscriptions, as well as accept discount offers, pause, or change payment details, helping them to personalize how they pay for services, optimize subscription usage, and drive more conscientious consumption habits. Today, the average consumer has 11 subscriptions with over 20 per household.
James Bryce Lind, Head of Strategic Development at Minna Technologies notes: “Currently powering nine retail banks across Europe, including Lloyds, Halifax and Bank of Scotland in the UK, Minna seeks to widen our support for consumers by empowering them to manage their subscriptions within their Fintech solutions as well. Today, 79% of UK consumers use fintech apps for banking and to pay for goods and services, with 99% of Gen-Z and 98% of millennials using a mobile banking app for everyday banking. Consumers want transparency to their spend in a consolidated and holistic view but moreover, they want the ability to take action within their banking app without having to pick up the phone. We are encouraged by the speed with which the fintech ecosystem is moving to support UK households with choice and control to combat subscription fatigue, driving centralized and personalized offerings.”
Eloise Taysom, Head of Product at Bud notes: “Open Banking’s made information more accessible for organizations looking to help people navigate their financial lives and take informed action towards financial wellbeing. What many of these organizations find when they start on this journey is that, in reality, building more efficient, personalized services depends not just on having the data, but being able to actually find the useful information and insights about a person’s financial life from a tangled web of data points. This transactional intelligence is what’s driving a revolution that takes consumers from insight to action.”
Jan Van Vonnen – Head of Industry Strategy at Tink notes: ‘‘With the cost of living crisis, regulators including the FCA have called upon the financial industry to protect vulnerable consumers through this period. The promise of open banking has always been that of increased innovation, more choice, and transparency on costs. By offering better financial understanding, control and advice the industry is helping to eradicate financial anxiety, drive improved financial health and help consumers make informed financial decisions.