Lloyds Bank announced today the addition of a new subscription management service to its mobile banking app, in partnership with Swedish FinTech Minna Technologies and Visa. The update is expected to allow customers to view, manage or amend subscription services. This development follows after Lloyds Bank stated that over 2.2 million consumers have signed up to new subscription services since the beginning of the COVID-19 lockdown.
James Stenhouse, Product Owner, Lloyds Bank, said, “It is more important than ever that customers are able to manage their money in a way that is convenient for them. That’s why we have launched this industry-leading tool to review and manage their recurring subscriptions. We’re excited to be working with Minna Technologies and Visa to deliver a product that helps to make banking through our app easy and simple for our customers. With over 16 million customers online and 12 million using our mobile app, this is one of a series of new and exciting features we are launching this year.”
According to Lloyds Bank, its new mobile update will offer a snapshot of debit card subscriptions in a bid to encourage regular money management. Users will also get real-time push notifications for subscription charges including price increases, etc. Personal current account customers will be allowed to cancel their subscriptions from within the mobile banking app.
Joakim Sjöblom, CEO of Minna Technologies, said, “Implementing subscription cancellation is an excellent example of how Lloyds helps its customers solve real financial challenges, and we are thrilled to help them demonstrate leadership in this important area.”
The Bank stated that the service, following the pilot, will be rolled out for all Lloyds Bank mobile banking iOS and Android customers over the next few months.