International fintech announces expansion to tackle UK cost of living crisis

Minna Technologies, the embedded subscription management solution, announced today at Fintech Week London that it is expanding to support the fintech ecosystem as the industry seeks to tackle the cost of living crisis in the UK.

Minna provides a frictionless subscription management solution within banking and fintech apps to help customers cancel unwanted subscriptions, as well as accept discount offers, pause, or change payment details, helping them to personalize how they pay for services. Today, the average consumer has 11 subscriptions with over 20 per household.

James Bryce Lind, head of strategic development at Minna Technologies, said: “Currently powering nine retail banks across Europe, including Lloyds, Halifax and Bank of Scotland in the UK, Minna seeks to widen our support for consumers by empowering them to manage their subscriptions within their Fintech solutions as well.

“Today, 79 per cent of UK consumers use fintech apps for banking and to pay for goods and services, with 99 per cent of Gen-Z and 98 per cent of millennials using a mobile banking app for everyday banking.

“Consumers want transparency to their spend in a consolidated and holistic view but moreover, they want the ability to take action within their banking app without having to pick up the phone. We are encouraged by the speed with which the fintech ecosystem is moving to support UK households with choice and control to combat subscription fatigue, driving centralized and personalized offerings.”

Eloise Taysom, product officer at Bud, commented: “Open Banking’s made information more accessible for organizations looking to help people navigate their financial lives and take informed action towards financial wellbeing.

“What many of these organizations find when they start on this journey is that, in reality, building more efficient, personalized services depends not just on having the data, but being able to actually find the useful information and insights about a person’s financial life from a tangled web of data points.”

Jan Van Vonnen, head of industry strategy at Tink, added: ’’With the cost of living crisis, regulators including the FCA have called upon the financial industry to protect vulnerable consumers through this period. The promise of open banking has always been that of increased innovation, more choice, and transparency on costs.

“By offering better financial understanding, control and advice the industry is helping to eradicate financial anxiety, drive improved financial health and help consumers make informed financial decisions.”