In what has been described as a “US market first”, Capital One has partnered with Minna Technologies to build new subscription management tools directly into its customer banking app.
Capital One credit card customers will now be able to view and manage their subscription payments from their banking app. Through its partnership with Minna, Capital One became the first bank in the US to offer these tools to its customers, which come with no additional costs.
Matt Knise, Senior Vice President, Capital One, added: “Keeping track of recurring subscriptions and payments has become the new – and often burdensome – normal for consumers.
“Whether it’s keeping tabs on increasing costs or remembering all of the subscriptions you’ve signed up for, it’s clear that consumers need a better way to centralise and manage where their money goes – and partnering with Minna has allowed us to develop the tool to do just that.
“Being first to market with new spend management tools is a key part of our ongoing mission to provide our customers with financial clarity, simplicity, and security. Our newest suite of spend tools are just the latest example of how Capital One is here for customers, making it easy and secure to spend with total confidence and the convenience of managing it all in one place.”
As the subscription economy is set to reach a market value of $1.5trn in 2025, Capital One viewed this latest integration as key to being able to meet its customers’ demand for more centralised subscription management solutions.
A myriad of services and platforms have turned to subscription-based models, with some of the major entertainment services such as Netflix greatly benefiting from this. However, Minna’s research reveals that 61% of its US customers would like to be able to view and manage their subscriptions within their banking app.
As they look to the future, Capital One and Minna plan to continue to partner and innovate to expand upon the experience and the subscription tools already added.
Amanda Mesler, Chair and CEO of Minna Technologies, said: “In a digital-first era and as part of the ongoing value exchange in the burgeoning subscription economy, it’s critical for banks and subscription businesses to empower customers with control, convenience and flexibility in viewing and managing their recurring spend.
“With the rise of recurring revenue models and regulatory developments highlighting the importance of protecting consumers’ interests in managing subscriptions, seamless subscription management is becoming ever more paramount – for banks, subscription businesses and subscribers.”
