Subaio and Denmark’s fifth largest bank, Spar Nord, have launched a full white label subscription management service.
The solution is both available on mobile and desktop.
Spar Nord’s 390,000 customers are now getting control over their subscriptions. This means that the bank’s customers both on mobile and desktop can get an overview of their subscriptions, cancel the ones they do not want and get notified when payments are changing on their subscriptions. The subscription management service has been made by Subaio, and according to Spar Nord’s Chief Commercial Officer, Ole Madsen, the solution is going to make it easier for customers to get rid of unwanted subscriptions.
“As our economy becomes more and more subscription-based, it has become relevant for us as a bank to look at how we can help customers continue to keep an overview of their finances and payments through user-friendly solutions in mobile - and online banking,” he says and continues:
“Not only does this give the customers greater freedom to prioritize their payment agreements, but also frees them from lengthy termination processes. And we know this is one of the things that our customers are looking for, as it provides financial profits in an otherwise busy day.”
Collaboration is key Ole Madsen doesn’t hide the fact that collaboration is another important milestone in the bank’s Open Banking Strategy. He is pleased to see the potential benefit customers will get in the day-to-day management of their finances:
“With the subscription service integrated in the mobile and online banking, customers get a much clearer overview of their monthly expenses, and with a few clicks they can also cancel subscriptions that they no longer want to pay for,” he says.
As a result, customers regain control of their subscriptions, and this is something that is in great demand, according to CEO of Subaio Thomas Laursen:
“Over the past five years, the subscription e-commerce market has increased by 100 percent annually, and it’s only going to grow more. That’s why it’s important that banks take this development into account and help their customers with an overview and an opportunity to easily cancel unwanted subscriptions, which for some may be equal to high financial costs,” he says.
Launching outside the Nordics Thomas Laursen also welcomes the close cooperation with Spar Nord in recent years, which has enabled the further development and scaling of the solution, which the recently launched solution is the culmination of:
“Spar Nord has been with us since the beginning, and we are proud to come to market with a solution that we know after several years of work that there is great demand for among customers. Therefore, we also look forward to seeing the full potential of the solution when we expect to launch outside the Nordic region soon,” he says.