Minna Technologies’ latest offering, the Subscriber API, connects subscription-based businesses, banks, and fintechs. This revolutionary approach simplifies subscription administration and enhances customer experience.
The Subscriber API, the newest product from London-based fintech Minna Technologies, offers a unified platform for subscription-based businesses, banks, and fintechs.
The automated subscription management engine enables companies to engage subscribers wherever they manage their finances by delivering consistent user experiences across numerous channels, including banking platforms.
Banks can include the API to assist subscription management while lowering operating expenses and increasing their proportion of top-of-wallet clients.
Through a single interface, the Subscriber API allows for stopping, upgrading, downgrading, offering offers, changing payment methods, canceling, and resubscribing. This speeds up integrations and lowers maintenance and operational costs. This is in contrast to the earlier requirement that full-feature capability be implemented across several integrations.
According to Minna’s research, 86% of consumers would think about accepting an offer rather than canceling, 80% would choose to upgrade or lower their membership, and 72% would like to pause it.
Furthermore, one in five users of banking apps are abandoning their memberships, which is a significant hurdle for subscription firms. The goal of Minna’s solution is to make it simple for consumers to resubscribe, increasing win-back by 20%.
Advantages of a Subscriber API
“Global subscription businesses are looking for clever ways to eradicate passive and involuntary churn,” said Amanda Mesler, chairman and CEO of Minna Technologies. Subscription-based businesses may quickly respond to client engagement in the banking environment with a single Minna integration, from offers to halting subscriptions. This launch, which was the first of its kind, exemplifies the convergence in the industry by uniting banks and subscription-based businesses on a single platform.
Minna’s Subscriber API supports all payment rails and card schemes and is PCI-DSS and ISO-compliant for enterprises. Continuous product enhancements, quicker time to market, and more control over product changes are all advantageous to banks.
“Fintech partnerships, including our work with Minna Technologies, help deliver a service that make it easier for our customers to budget, which has been particularly important as household bills have increased over the past few months,” said Kirsty Rutter, fintech director at Lloyds Banking Group.
“As the world moves to omnichannel, mechanisms like the Subscriber API allow subscription businesses to feel a sense of control over the customer experience, both in owned channels and partner channels like banking apps,” Ruth Bickerton, VP worldwide strategic alliances at Aptitude, stated.