How Subscription Controls helps issuers
Enhanced subscription management tools embedded in digital banking channels can help build a more engaging experience that not only attracts customers, but also helps reduce chargebacks and operational costs.
New ways to engage customers
Digital banking channels are often the reason a consumer chooses a bank, and having the features consumers want provides a key competitive advantage.
85% of consumers
are interested in subscription management tools via their bank app
75% of banks
report increased subscription-related disputes
50% of consumers
would switch banks for subscription management tools
Subscription challenges
Increased chargebacks. One of the significant challenges issuers face is the high volume of chargebacks resulting from recurring transactions. Consumers may not recognize a transaction, or not know how to cancel their subscription, so they reach out to their issuer to initiate a chargeback to stop a recurring payment.
Higher operational costs. When consumers struggle to effectively recognize, cancel or pause their subscriptions, they frequently contact their issuers to dispute these transactions. This causes an increase in support inquiries as call center agents must handle each case individually.
Increased competition. Consumers are looking for better ways to manage their subscriptions, and many new providers are offering solutions. Issuers who can create a more seamless subscription management experience will hold a competitive edge.
How to solve
Reduce chargebacks. By giving consumers more insight and control over their subscriptions directly in digital banking channels, issuers can reduce chargebacks caused by unrecognized transactions or consumers looking to stop a recurring payment by initiating the dispute process.
Provide more self-service options. Enabling consumers to manage their subscriptions in one place, their digital banking channels, gives them more self-service options that can help lower call center volume and support costs.
Deliver better subscription management tools. By delivering a more holistic subscription management experience, issuers can create a digital banking experience that stands out from the competition and attracts consumers.
Our customers
“Our partnership has a strong focus on constantly improving the digital user experience, while at the same time offering the bank’s customers hands-on tools that simplify their everyday lives. Our innovative collaboration has contributed to increased customer value.” CIO and Head of Digital Banking, Swedbank
“We’re excited to deliver a product that helps to make banking through our app easy and simple for our customers.” Head of Product, Digital Engagement, Lloyds Banking Group
“It’s clear that consumers need a better way to centralize and manage where their money goes – and our partnership has allowed us to develop the tool to do just that.” SVP, Capital One
Want to learn more about how Subscription Controls can help you create a more engaging experience?
Ethoca Consumer Clarity Subscription Controls is powered by Minna Technologies AB (registration number 556967-5449), which is an Account Information Service Provider (AISP) registered with the Swedish Financial Supervisory Authority (SFSA), providing PSD2-compliant financial data access with top-tier security and regulatory oversight. For more information on the registration, please visit here. For more information on the European Commission consumer rights, visit here.