Minna Technologies is working with FinTech Apps to ease the cost of living in the UK

By Joy Dumasia

Minna Technologies, the built-in subscription management solution, announced 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.

Minna offers a frictionless subscription management solution in banking and FinTech apps to help customers cancel unwanted subscriptions, accept discount offers, pause or change payment details, help them customize how they pay for services, optimize subscription usage and pursue more conscientious spending habits .

James Bryce Lind, Head of Strategic Development at Minna TechnologiesMinna said: “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 banking and pay-as-you-go apps, while 99% of Gen-Z and 98% of millennials use a mobile banking app for daily banking services. consolidated and holistic view, but also want the ability to shop in their banking app without having to pick up the phone.We are encouraged by the speed with which the FinTech ecosystem is moving to support UK households with choice and control to combat subscription fatigue, drive centralized and personal offers. ”

Eloise Taysom, Product Manager at Bud, said: “Open Banking has made information more accessible to organizations that want to help people navigate their financial lives and take informed action against 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 life. 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, noted: “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. “