Minna launches Subscriber API – Innovate Finance – The Voice of Global FinTech
Minna launches Subscriber API
Connect subscription businesses, banks and subscribers with just a few lines of code
London, UK, 17 April 2023: Minna Technologies today announces Subscriber API, an API to power the subscription economy. Simple API accelerates integrations for subscription-based businesses, banks and fintechs; enabling subscription management capabilities, product innovation and seamless deployment.
Minna’s automated subscription management engine enables brands to deliver a consistent user experience across new channels, including the banking platform, to reach subscribers where they manage their money. Banks are embedding APIs to support customers’ subscription management needs, while improving their share of the top of wallet and combating operational costs.
The API functions include pausing, upgrading or downgrading subscriptions, offering offers, changing payment methods, canceling and re-subscribing. Where previously multiple integrations were required to implement full functionality, the Subscriber API offers all features, for all customers, while facilitating faster onboarding, reduced maintenance effort and lower operating costs.
According to research from Minna, 86% of consumers would consider accepting an offer rather than canceling, 80% would rather upgrade or downgrade than cancel, 72% would rather pause than cancel. 1 in 5 consumers cancel subscriptions in bank apps, and the challenge this poses for subscription companies is significant. Minna’s capabilities allow a customer to easily re-subscribe, increasing recovery by 20%.
For subscription companies, Minna’s solution drives subscription growth, retention, optimizes operations and customer experience while unlocking a wealth of data to further develop the products.
Amanda Mesler, CEO Minna Technologies:
“In a £650 billion market, customer acquisition costs are skyrocketing, lifetime value has shortened and churn is increasingly difficult to dissect. Global subscription companies are looking for smart ways to eradicate passive and involuntary churn. From offers to temporary subscriptions, subscription-based businesses can quickly respond through a single Minna integration to engage customers in the banking environment. As a first in the market, this launch represents the convergence in the space by bringing together subscription-based businesses, banks on a single platform.’
Kirsty Rutter, Fintech Director, at Lloyds Banking Group said: “Nearly 4 million subscriptions have been managed using our subscription management tool since it launched in summer 2021. Fintech partnerships, including our work with Minna Technologies, help deliver a service that makes it easier for our customers to budget, which has been particularly important as household bills have risen in recent months.”
Ruth Bickerton, VP Global Strategic Alliances at Aptitude said:
“Making subscription management as simple as possible is an important part of our customers’ retention and acquisition strategy. As the world moves to omnichannel, mechanisms such as the Subscriber API allow subscription businesses to feel a sense of control over the customer experience, both in their own channels and partner channels such as banking apps.’
By using the one rapid integration to centralize and transform how subscriptions are managed, banks increase speed to market and ultimate control over product updates, while benefiting from continuous product improvements. Minna’s secure, scalable, cloud-based platform is built for businesses, is PCI-DSS and ISO compliant and works with all payment rails and card schemes.
—END—
About Minna:
Minna Technologies is the global market leader for subscription management embedded in banking and fintech apps, working 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 subscription and payment coverage. We fuel the subscription economy, helping businesses grow revenue, reduce operating costs and drive engagement, retention and lifetime value for over 50 million users.
