Lloyds Bank will let users manage their subscriptions

According to data by Lloyds Banking Group, over 2.2 million banking customers across several of its brands 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, quadrupling from 325,000 in February. The popular trend continued into April with nearly 600,000 new subscription registrations, but dropped in May to pre-lockdown levels as “many began to assess their finances as lockdown measures began to ease.”

To help customers stay on top of their spending, Lloyds Bank is introducing a new mobile feature that will allow users to view, manage or amend subscriptions.

Using the new tool, personal current account customers can cancel a subscription with three clicks without the need to deal directly with the subscription provider. Customers can also benefit from push notifications that keep them informed about subscription charges including price increases.

“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. With over 16 million customers online and 12 million using our mobile app, this is one in a series of new and exciting features we are launching this year to continually improve customers online experience.” – Nick Edwards, Digital Service Director, Lloyds Bank.

The service, which is currently being piloted, is provided through partnerships with Minna Technologies, a Swedish fintech, and Visa.

Launched in 2016, Minna Technologies began as a consumer app that lets people manage their different subscription services such as utilities, phone, and streaming services. It later pivoted to a B2B model where it enables banks to offer the service to their customers. Last month, the company announced a similar partnership with ING Belgium.

Bottom Line: fintechs and banks are making consumers more aware of their finances and that’s bad news for insurance companies.