International fintech announces expansion to tackle cost-of-living crisis in UK

Minna Technologies, the built-in 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.

Minna offers a frictionless subscription management solution in banking and fintech apps to help customers cancel unwanted subscriptions, as well as accept discount offers, pause or change payment details, and help them customize how they pay for services. Today, the average consumer has 11 subscriptions with over 20 per household.

James Bryce Lind, Head of Strategic Development at Minna Technologies, said: “Minna currently operates nine banks across Europe, including Lloyds, Halifax and the Bank of Scotland in the UK, and seeks to expand our support to consumers by enabling them to to manage their subscriptions, also within their Fintech solutions.

“Today, 79 per cent of UK consumers use fintech apps for banking and to pay for goods and services, while 99 per cent of Gen-Z and 98 per cent of millennials use a mobile banking app for daily banking services.

“Consumers want transparency about their costs in a consolidated and holistic view, but they also want the opportunity to shop in their banking app without having to pick up the phone. We are encouraged by the speed at which the fintech ecosystem is moving to support UK households with choice and control to combat subscription fatigue, run centralized and personalized offerings. ”

Eloise Taysom, Product Manager at Bud, commented: “Open Banking has made information more accessible to organizations looking to help people navigate their financial lives and take informed action on financial well-being.

“What many of these organizations find when they embark on this journey is that, in reality, building more efficient, personalized services depends not only on having the data, but on actually finding useful information and insights about a person’s financial life from a entangled network of data points. “

Jan Van Vonnen, head of industrial strategy at Tink, added: ” With the cost of living crisis, regulators including the FCA have asked the financial industry to protect vulnerable consumers during this period. The promise of open banking has always been about increased innovation, more options and openness about costs.

“By offering better financial understanding, control and advice, the industry helps eradicate financial anxiety, drive improved financial health and help consumers make informed financial decisions.”

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