Subscription management tools are getting more and more interesting for users. And they want their bank’s interface to be the place to manage the subscriptions from.
Think about it. How many subscriptions do you have? How many recurring payments from companies like Netflix, Spotify, the local gym and similar take up a spot in your monthly payment history?
If you’re like your average retail bank customer, you have at least 8 subscriptions according to the data from the thousands of users of Subaio’s subscription management system. But if you’re like the average consumer you probably didn’t know. And how should you as it’s hard to get an overview without any help.
This is why a new study from Cicero Consulting shows that 35% of consumers in the Norwegian market would like their bank to offer a subscription management tool.
Over the last five years the subscription e-commerce market has grown more than 100% each year according to consultant McKinsey. So the problem is only going to get bigger. A lot of companies from coffee capsules and razor blades to groceries and even cars are switching to the subscription model.
Canceling subscriptions is at the same time getting harder and harder as more than 42% of users according to creditcards.com had issues with canceling a subscription. With the so called subscription traps on the rise this is going to be an area that consumers and banks will have to face going forward.