Savings bank goes live with subscription management
Norway’s third biggest savings bank is live with Subaio’s subscription management service. More than 290.000 customers can now cancel subscriptions straight from their online bank.
Subscription management has become a hot banking feature. A recent study from Cicero Consulting for instance shows that 35% of consumers want their bank to offer a subscription management tool. These customers want to get a full overview of everything from streaming services to the membership at the local gym – and they want an easy way to cancel these subscriptions as well.
The third biggest savings bank in Norway, Sparebanken Vest, has listened to its customers. It has thus just launched Subaio’s subscription management service. Now, more than 290.000 of their customers can get an overview of all their recurring payments, cancel unwanted subscriptions and get notified about any changes. All in a fully integrated white label service.
“When more and more expenses come in the form of subscriptions, it becomes increasingly difficult to keep track of recurring costs. In addition, many of these subscriptions prove difficult and cumbersome to cancel. This has thus become an important problem to fix for our customers,” says Svein Ove Langeland, Head of Strategy at Sparebanken Vest.
Subaio’s CEO, Thomas Laursen, is likewise very happy to see the solution reach even more bank customers.
“We’re extremely proud to launch with Sparebanken Vest. This just shows how innovative and customer-centric the bank really is,” he says.
Fifth bank partnership
Subscription management gives bank customers control of their subscriptions. A control that they have lost. Subaio’s service gives these customers an overview of all their recurring payments, cancels unwanted subscriptions on the customer’s behalf and notifies them about any changes to these payments.
Sparebanken Vest is the fifth bank to go live with Subaio’s subscription management service. Some of the other banks include Spar Nord Bank, Arbejdernes Landsbank and Nordea, which is the biggest bank in the Nordics with more than 10 million customers. The value proposition for these banks are higher retention rates and unique cross selling abilities.
All of the integrations have been done within a few months. And it has only taken 2-3 hours to get Subaio’s functionality up and running within the bank’s own digital environment – an unheard of speed within banking integrations.
“This way we can start the discussion around the customer journey early on. This is a really important element in white label integrations. We need to blend perfectly with the bank’s own online environment, so nobody can see the difference,” says Thomas Laursen.
This has also been one of the main reasons Sparebanken Vest has chosen Subaio for the collaboration.
“Subaio has been our preferred partner in this work due to a great team with a flexible solution that has been easy to customize to our preferred user-experience,” says Svein Ove Langeland.
Subaio’s secret sauce for the quick integrations is a so called fintech bridge. A digital layer that deploys the subscription management services quickly, secure and seamlessly into the bank’s digital environment. Many more integrations are thus already on the way with other partners. Giving bank customers back control of their subscriptions.