Lloyds Bank has announced that its customers will soon be empowered to better view, manage and amend their subscriptions through its banking app.
The news is the result of a new collaboration between the bank and Swedish FinTech Minna Technologies and payment giant Visa.
The initiative comes as over 2.2 million consumers have signed up to new subscription services since the Covid-19 lockdown began with over 1.3 million Lloyds Bank customers adding new subscriptions in March, quadrupling from 325,000 in February. That number increased with nearly 600,000 new subscription registrations in April.
Essentially Lloyds Bank new mobile feature is set up to help these customers better manage their subscriptions by providing a snapshot of all debit card subscriptions to encourage regular and better money management that is simple, easy to use and free of charge.
“It is more important than ever that customers are able to manage their money in a way that is convenient for them,” said James Stenhouse, product owner at Lloyds Bank. “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.”
Joakim Sjöblom, CEO of Minna Technologies, added, “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.”
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