The subscription management service from Subaio has just launched with Bulder Bank in Norway. A new bank made by established player Sparebanken Vest where it’s now possible for users to get an overview of all their subscriptions from Netflix to the local gym and to unsubscribe straight from the bank’s interface.
“The subscription economy is increasing, and makes it more difficult for our customers to keep an overview of their recurring costs. We want to help our customers regain that overview, and also help them take control and action to reduce unnecessary recurring costs, with an easy and hassle-free way to cancel unwanted subscriptions,” says Svein Ove Langeland, Head of Strategy at Sparebanken Vest.
The reason for picking Subaio as the subscription management provider is clear: “Subaio is our preferred partner in this work, with a market-proven service, a highly competent team, and a flexible solution that can be customized to our preferred user-experience,” says Svein Ove Langeland.
The launch proves the scalability of Subaio’s technology. Last year the company thus launched with Nordea in Denmark, and by entering the Norwegian market Subaio has become the first fully integrated white label subscription management service to launch in several countries with multiple banks. “We are proud to enter the Norwegian market with Bulder Bank. The bank has shown how innovative it is getting this solution quickly to market,” says Subaio CEO, Thomas Laursen.
Mobile only bank Bulder Bank is the brainchild of Sparebanken Vest and is a totally new bank in Norway. It is mobile only. The subscription management feature has been an essential part of the new bank, as it is evident that subscriptions are playing a bigger and bigger role in the lives of the end-users.
According to McKinsey the number of subscriptions has increased 100% every year the last five years, while 60% of users have subscriptions they rarely use or forgot according to YouGov.
“We can see that our product makes a difference for the end user. The first time many of them see the overview of their subscriptions, they are very surprised. Many of them cancel several subscriptions at once in the beginning," says Thomas Laursen.
This is clearly a feature that is sought after by the end-users as a recent study by Cicero Consulting stated that 35% of consumer wanted their bank to deliver a subscription management service. “We can see that our solution is in great demand - both among end users and banks. So we're not done at all. We have several banks in our pipeline, and soon we will also launch outside the Nordic region,” says Thomas Laursen.
Product Description: Subaio gives users back control of their subscriptions. We do this by giving users an overview of their various subscriptions and recurring payments, while also allowing them to cancel each subscription with a single click. It all takes place directly from the user's existing online bank.