Integrations between banks and fintechs can take a long time. With its eighth bank integration, Subaio has now proven that integrations can be made quickly, and that one of the returns is innovation.
ABN AMRO, Lunar, Sparebanken Vest and now Nykredit. This fourth bank launch in less than six months shows that the Danish fintech Subaio has found the formula for integrating their subscription solution into the banks’ systems. A process that most other fintechs struggle with. Sometimes they simply have to give up. Usually such integrations take many months or years just for a single bank, but the company from 2016 has invested heavily in being able to enter the market quickly with each bank.
“We believe that speed and innovation go hand in hand. It allows us to work with the banks to create new features and products on top of our existing technology as well as get quick feedback from customers. It is essential for creating value,” says Thomas Laursen, CEO of Subaio.
Subscription Management. The benefits for the bank and its customers
Launch with Nykredit
Subaio’s latest launch is with the Danish bank Nykredit. The bank is among the 50 largest banks in Europe measured by the number of assets under management, according to S&P Global. With the new feature from Subaio, Nykredit customers can from today see a comprehensive overview of their recurring payments and cancel subscriptions – all directly from Nykredit’s own mobile and online bank. A solution that Henrik Rasmussen, Managing Director of Nykredit Bank, is happy to send to the market.
“You can get everything from books to cars on subscription, and the average number of subscriptions per household is increasing. We are pleased that with Subaio’s solution we can give our customers an overview of their subscriptions and a better insight into their daily finances – and thus help with financial security,” he says.
Live after a few hours
The partnership with Nykredit is Subaio’s eighth bank launch. And here we are not just talking about pilots, proof of concepts, accelerator programs or other good collaboration intentions. These are eight launches to the bank’s customers in a pure white label solution. That’s a very different exercise than just working in a test environment with test data.
Both Thomas Laursen and his co-founder Brian Jorgensen have previously worked with IT systems in the banking sector. They therefore know how the systems work behind the security walls.
“We have seen from the inside what works. Our team is very engineering-heavy, and we have focused on making the integrations easy for the banks. We have now proven how these integrations can be made quickly,” says Thomas Laursen.
Another part of the secret sauce is that Subaio divides the integration process into different tracks. These tracks run in parallel. Thus, frontend, backend and data streams are not interdependent. In this connection, Subaio has also developed a method in which their subscription solution, after just a few hours of work, works inside the bank’s own environment via a so-called SDK. This means that the bank can see the various functions from the overview of subscriptions to the cancellation early in the integration process. This benefits the customer journey, as you can see in this demo video.
“The rapid integrations create a lot of innovation. We can already see how we with the banks get new ideas and how we can quickly get them in the market,” says Thomas Laursen.