Minna Technologies is working with Fintech apps to ease the cost of living in the 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. Strengthened by open banking services, Minna seeks to give consumers the ability to manage subscription expenses wherever they manage their money, and expands to Neobanks, PFMs and Wealthtech together with Retail Banks.
In May 2022, the consumer price index (CPI) was 9.1% higher than the year before. Food inflation is at its highest in 13 years, with UK gas prices rising by 95% and domestic electricity prices by 54%. According to new research from the consumer group Which? More than 2 million households have missed a bill every month this year as people struggle to stay afloat in the relentless cost of living crisis and consumers are returning to the board to examine their spending. Six out of 10 consumers said they had to make an adjustment – such as cutting back on necessities or saving money – to cover necessary expenses.
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, help them customize how they pay for services, optimize subscription usage and operate more conscientiously. consumption habits. Today, the average consumer has 11 subscriptions with over 20 per household.
James Bryce Lind, Head of Strategic Development at Minna Technologies, says: «Minna currently operates nine retail banks across Europe, including Lloyds, Halifax and Bank of Scotland in the UK, and seeks to expand our support to consumers by enabling them to manage their subscriptions in their Fintech solutions as well. Today, 79% of UK consumers use fintech apps for banking and to pay for goods and services, while 99% of Gen-Z and 98% of millennials use a mobile banking app for daily banking services. Consumers will have transparency about their costs in a consolidated and comprehensive view, but they will also have 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 Notes: «Open Banking has made information more accessible to organizations that want to help people navigate their financial lives and take informed measures for 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 tangled network of data points. This transactional intelligence is what drives a revolution that takes consumers from insight to action. “
Jan Van Vonnen – Head of industrial strategy at Tink notes: ” With the cost of living crisis, regulators including the FCA have asked the financial industry to protect vulnerable consumers throughout 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.
