Finovate is one of the most prestigious fintech events around. This year the conference extended an invitation to Subaio to present on stage at their event.
Finovate is one of the biggest conferences in the world. Since its debut in New York in 2007 the conference has attracted tens of thousands of attendees who have witnessed selected companies do exclusive presentations of their product. Former presentations have been made by companies like Mint, Lending Club and many others. If you want to learn more about the future of digital, open banking, tech, payments and insurance, Finovate is definitely an event to attend.
Subaio was invited to present at this year’s event in Berlin. At other conferences you can control everything with a powerpoint, but not at Finovate. Here everything needs to be live. A good test of your product and the understanding of the user journey.
In the video you will see how Subaio works. It includes a live demo of our white label subscription management service for banks. The demo shows how to give your customers an overview of their recurring payments, cancel unwanted subscriptions and get notified about any changes – all in the live environment of two of our bank partners Nordea and Spar Nord Bank.
Ready to take a deep dive in? Buckle up. You can also find the transcript of the talk given by Subaio at Finovate below.
I want to start with a little story. The other day, I talked to one of Subaio’s end users. Her name is Amira. She’s in the mid 20s. And she was sitting at the vet with her dog when I called. I asked If I could ask her a couple of questions about Subaio’s subscription management service. And she was like, “sure, yes”. Then I asked her, so what do you think of the service?
She said, “do you really want to know”? And I was like, “yes..?” – And there was this long, awkward pause. Then she said, “I think it’s amazing. It’s the first time I’ve ever seen all my different subscriptions in one place and the first time that I saw it, I immediately went in and cancelled three different subscriptions that I had forgotten all about”.
So it’s for people like Amira that we’ve built Subaio. It’s for three things. It’s to help her get an overview of different subscriptions. It’s to help her unsubscribe from the things that she doesn’t want. And thirdly, it’s also to notify her about changes to the different subscriptions that she has.
And all this is not happening in some other app that she has to download. No, no. It’s happening within her own online banking app.
Subaio is a full white label service that integrates into the bank. So these are your happy customers. These are your data. These are your consumers. And this is all of your credit as well. That goes to it. So what we also do is, of course, we give you a higher degree of retention on these customers. And secondly, we also do a unique opportunity to do cross-selling. But let me just show you how this actually works.
This is one of the banks that we are live with in Denmark. We are live with four different banks right now in the Nordics. This is one of them. This is the fifth largest bank in Denmark. You can see here that in the top they’ve put all the different accounts and then at the bottom here they have the subscription features. So let’s just go into that.
Here we can then see how much money you’re spending on a monthly basis on your subscriptions. And then we have all the different subscriptions that you have. It can be anything from insurance, to Netflix, to charities, you name it. We also show if it’s per year, if it’s per month, if it’s weekly, daily. And you might say, “oh, it is easy to find Netflix or HBO. What about the long tail.”
In Denmark we can right now detect over 4.000 different suppliers. So it’s also the local gym around the corner that we can do here. We also don’t just do the history of the payments. We also do predicted payments for the future. And that could look a little bit like this. You can see here these are the expected payments that are coming from this particular supplier.
But we don’t just do the overview of all the different subscriptions that you have. We also do a lot more than that. And that is what creates these happy customers right now in our live product. We have over 60% active users on a yearly basis. 60%, which we are really proud of. When we send out notifications, up to 92% of those notifications convert successfully into the message that we’re sending to them.
So these are messages that the consumers are wanting to engage with. They want to engage with their bank when it comes to this type of service. But I just want to show you the other bank or one of the other banks that we are live with. We are live with four different banks and one of them is Nordea. So if we can switch it to the phone, please. This is what it looks like in Nordea’s environment. It’s a totally different look. This is a full white label service. Here you can see in the middle. We manage your subscriptions in one place and we will press that. And then again, we show another type of overview of the different subscriptions. And we’ll do a full cancellation here as well. Let’s pick Netflix here.
We then press the blue button for cancelling the subscription. We put in our e-mail. I’ll put in my e-mail and you can contact me if you have any questions around our feature afterwards. You press next, then the user has to confirm the name and the address that they’re living at. Then we show them the Power of Attorney. They can look at that as well. And then they sign the power of attorney. That’s actually it. And right here is a unique moment for you as a bank to do a cross sale.
This money that the user is saving could be put into an investment account. You could also put it into a savings account. Right now we can see from the live data that we are saving around 210 euros on each time a user uses our service to do a cancellation. 210 euros. But imagine what we can do also when it comes to mortgages, when it comes to insurances, because we can detect all the different subscriptions and recurring payments.
So these are some of the features that we are building with the four banks that we’re alive with at this moment. And within the next half year, we’re going live outside the Nordics with one of the major banks in Europe as well.
So if you are a bank looking to create more happy customers like Amira with a dog at the vet, then please reach out to me. Then I’ll show you how your bank can create increased attention and also get unique cross-selling abilities. Thank you.