FUELLING THE SUBSCRIPTION ECONOMY

Minna Technologies’ new API helps manage subscriptions as cost of living rises

With subscription businesses citing retention as a top strategic priority and subscribers seeking flexibility as the cost of living rises, Minna Technologies – a global market leader for subscription management embedded in banking and fintech apps – has launched its Subscriber API to fuel the subscription economy, connecting banks, fintechs and merchants with subscribers to transform how subscriptions are managed.

Minna’s Subscriber API enables retail banks and fintechs to embed subscription management in their apps and take features live rapidly – including cancelling, pausing, upgrading or downgrading plans, receiving offers and changing payment methods. Minna’s B2B2C platform has an automated subscription management engine, bank-grade compliance and global subscriptions and payments coverage.

Subscription businesses can integrate with the API to reach over 50 million global users in banking and fintech apps and help reduce churn by giving subscribers flexible in-app options, including pausing, upgrading or downgrading plans and accepting offers. This launch comes as the cost-of-living crisis and economic uncertainty are driving increased awareness of subscription spend among consumers and a focus on churn reduction for businesses with recurring revenue models. The global subscription economy is estimated to be worth $650billion.

According to Subscription Economy: a Transformed World , a recent report from Minna in partnership with FT Strategies with analysis of surveys led by global research firm Savanta, 93 per cent of consumers are more aware of their subscription spend compared to 86 per cent 12 months ago. Accordingly, retention is a strategic priority for 68 per cent of subscription businesses surveyed. The report is based on surveys of over 2,000 consumers in the UK and the US, 50 subscription business executives and more than 20 thought leaders in financial services, fintech, media, ecommerce and beyond.

Embedded Subscription Mindset

Despite rising costs and awareness of spend, the subscription mindset has now become firmly embedded. Fifty per cent of consumers say that subscriptions enable them to access products, services and a lifestyle that they otherwise would not have. Sixty-three per cent of consumers would rather pay more per month than a lower annual fee for subscriptions. Flexibility in managing subscription spending and services is a priority across all age and income demographics. Consumers use subscriptions to manage their recurring spend flexibly month-tomonth and want the ability to adjust product preferences instantly based on personal circumstances.

According to separate research by Minna, offering subscribers flexible options beyond cancellation has a direct impact on churn reduction. Eighty-six per cent of consumers would consider accepting an offer rather than cancelling. Eighty per cent would rather upgrade or downgrade their subscription plan than cancel. Seventy-two per cent would rather pause their subscription than cancel.

Removing Friction With A Few Lines Of Code

Minna’s Subscriber API – enabling a single integration to unlock a range of flexible subscription management features for users – seeks to remove subscription management friction for banks, fintechs, subscription businesses and subscribers and meet rising demand for consolidation.

With increasing recurring payments and subscription volumes that grew exponentially during the pandemic, three out of four subscribers are interested in having one app to manage all their subscriptions.

Gen Z and millennials are particularly interested in managing subscriptions in their banking app. One in two consumers aged 18 to 44 – and one in three consumers across all age groups – would consider switching bank accounts to have access to in-app subscription management. Twenty-five- to thirty-fiveyear-olds have the most subscriptions, with 22 per cent having seven or more.

Joakim Sjöblom, co-founder of Minna Technologies, said: “More industries are adopting subscription-based recurring revenue models. Embedding banks and fintechs in the centre of subscription services allows them to play a pivotal role in the payments journey and overall digital customer experience. Our Subscriber API fuels the subscription economy by making the subscription management experience frictionless, flexible and efficient for everyone. With just a few lines of code, we can help banks, fintechs and subscription businesses grow and protect revenue, reduce operational costs with automation and drive customer engagement, retention and lifetime value.”

Download the Subscription Economy report at https://minnatechnologies. com/subscription-economy

About Minna Technologies

Minna Technologies is a global market leader for subscription management embedded in banking and fintech apps, partnering with top-tier banks, fintechs and subscription businesses. Minna is the only B2B2C platform with an automated subscription management engine, bank-grade compliance and the widest global subscriptions and payments coverage. It fuels the subscription economy, helping businesses grow revenue, reduce operational costs, and drive engagement, retention and lifetime value for over 50 million users.

Website: minnatechnologies.com

LinkedIn: www.linkedin.com/ company/minna-technologies

Twitter: @minnatech

THE ANNUAL GUIDE TO THE MOST INFLUENTIAL, INNOVATIVE COMPANIES AND POWERFUL FIGURES WITHIN THE FINTECH INDUSTRY