Lloyds Bank customers will soon be able to view, manage or amend subscription services following an update to the UK bank's mobile banking app.
Over 2.2 million consumers have signed up to new subscription services since the Covid-19 lockdown began, with over 1.3 million Lloyds Bank customers adding new subscriptions in March, says the bank, quadrupling from 325,000 in February.
The new mobile feature provides customers with a snapshot of debit card subscriptions alongside real time push notifications alerting them to subscription changes. Users can cancel within the app when they no longer want to use a service or product.
Nick Edwards, digital service director, Lloyds Bank, says: “Customers have been able to manage direct debits and standing orders online for some time. With the growing popularity of subscription services we’ve launched this market leading service to respond to our customers’ desire for more control and flexibility in the ways they manage their money.”
Developed in partnership with Swedish fintech Minna Technologies and Visa, Lloyds is currently piloting the technology inhouse before full-scale commercial roll out.