Banking Subscription Management | FinTech Insights (2024)

Banking Subscription Management | FinTech Insights (1)

by Sotiris Fousekas on 30th June 2021

11 min read

Banking Subscription Management | FinTech Insights (2)

IntroFinTechDigital bankingAuthor

Intuitive features are what make a digital banking design memorable and lovable to customers. To honor the most exciting features out there, the Scientia team decided to showcase the best of them worldwide in our new monthly category.

Subscriptions are not by any means a child of the digital age. Ever since the first newspapers and magazines were published people wanted to make sure they would receive the latest news first. Thus subscriptions model was born. What the digital age did was accelerate the subscriptions business model adoption by many companies worldwide seeing how companies like Amazon and Netflix offering such models were a massive hit with customers worldwide.

Deloitte in its 15th edition of the Digital media trends report has found that 82% of US consumers subscribe to a paid video-streaming service. They subscribe to an average of 4 different paid video-streaming services. It also reported 67% having a paid TV subscription and 62% a music streaming subscription with an average of 2 separate music-streaming services. 45% subscribe to a gaming service while 31% to a fitness service.

Customers really respond to a model that allows them to control how much they spend and where for their services. But, with the subscription model going mainstream in the business world, customers have to juggle various subscriptions for different services which can lead to fatigue. They get confused about how many subscriptions they have and to what and spend a lot of time trying to put them in order and manage them.

This brings us to this month's impressive Digital banking feature: Subscription management.

This feature represents one of the newest digital banking features introduced that directly meets an emerging customer need: to have an overview and manage the different monthly, yearly subscriptions for any provided service through their iOS channel.

What is Subscription Management in digital banking?

To answer this question we used our digital banking research platform, Banking Subscription Management | FinTech Insights (3) that analyzes banks and fintechs worldwide in video and step-by-step flowcharts. Customers through this feature can have an overview of all their paid subscriptions. The digital banking application automatically recognizes a service or a payee (e.g., Spotify, HBO Max, Guardian) and sets it as a recurring subscription.

Alternatively, they can manually set up a specific recurring payment they might wish into a chosen subscription. For example, they could set their local dance studio monthly payment or bi-monlthy botanical herbs box order as a subscription and manage it as such.

Once they have automatically or manually set their subscriptions then they can easily manage them. Customers can cancel a subscription. If they choose so they can restore it later and resume paying. For example, they can block their subscription to Apple iCloud directly from their digital banking application without having to log into their Apple ID to remove or change their plan. This ultimately provides a single place to manage all their subscriptions through their digital banking app without having to manage each one of them manually.

Which banks offer Subscription Management?

Based on the research data provided by Banking Subscription Management | FinTech Insights (4), 3 fintechs offer this handful feature:

  • bunq
  • Revolut
  • Vivid


Banking Subscription Management | FinTech Insights (5)

bunq customers can easily find one of the payments they have made to video-streamer Disney and automatically set-up as one of their subscriptions. They can also select one of their recurring payments to a service and set it up to be included in the subscriptions list. They can if they wish, add and remove any subscription from this list and have a total overview of this list of payments. Lastly, they can also set a reminder for any of the subscription future payments.

However, the Challenger bank does not offer the ability to customers to handle their subscriptions through the iOS app. Specifically bunq customers can't cancel or re-start a subscription but only add new ones to have a full view of their monthly subscriptions spending.


Banking Subscription Management | FinTech Insights (6)

Users of Vivid, another European Challenger, can view their Subscriptions to magazines, streams etc. summarized in one screen as the “Planned Payments”. From then on, while they can't set any other recurring payment they want as a subscription, they can block future charges to that service provider. Later, whenever they want they can unblock the charge and enjoy the service again.


Banking Subscription Management | FinTech Insights (7)

Revolut, which is launched in 35 countries, including Europe, the UK, the USA, Singapore and Japan, allows its customers to both view all their automatically set subscriptions but add new themselves. Additionally they can manage their subscriptions by removing any they wish from the list and even blocking and unblocking them, therefore canceling or re-starting subscriptions in one place rather than different web pages and apps.

Being able to have an overview and manage all subscriptions through digital banking can immensely simplify money management for customers. As with their utility bills, rent and groceries, subscriptions is the new spending category that customers need to be able to monitor smartly and easily take action to reduce their spending when needed. Knowing the total amount they spend for all their subscriptions can help them choose which of them they can cancel to decrease monthly cost or re-start an old one.

With the increase of subscription business models and customers strongly responding to these, the Subscription management is undoubtedly a smart feature that all banks should consider offering.

Explore Banking Subscription Management | FinTech Insights (8) and see how your financial institution can offer this incredible feature through your digital banking

This article was originally published on June 30, 2021 and was updated on October 7, 2022.

Banking Subscription Management | FinTech Insights (9)

FinTech Insights Challenger Fintech Digital Banking US Banks Customer experience UX Subscription

Banking Subscription Management | FinTech Insights (10)

by Sotiris Fousekas

Sotiris is VP of FinTech Insights Product, crafting the roadmap and operations. New metrics, new ways of presenting the data, deep-diving into the analytics and the continuous evolution of the product, based on FinTech Insights user’s feedback, are his main areas of focus.

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About Scientia

We provide the data, tools, and expertise you need to deliver market-beating digital banking products and services.

About Fintech Insights

Devise, design, and deploy digital banking experiences that turn underwhelmed customers into your biggest fans.

I am an expert in the field of FinTech and digital banking, with a deep understanding of the concepts and innovations shaping the industry. My expertise is backed by extensive knowledge and hands-on experience in analyzing and researching various banks and fintech companies globally. Now, let's delve into the key concepts presented in the article by Sotiris Fousekas.

The article primarily focuses on the importance of subscription management as a notable digital banking feature. The key concepts discussed are:

  1. Introduction to Intuitive Features in Digital Banking:

    • The article emphasizes that intuitive features play a crucial role in making digital banking designs memorable and appealing to customers.
  2. Evolution of Subscriptions in the Digital Age:

    • Subscriptions are not new, having roots since the first newspapers and magazines. However, the digital age accelerated the adoption of the subscription business model, particularly by companies like Amazon and Netflix.
  3. Digital Media Trends Report by Deloitte:

    • Deloitte's report is cited, revealing that 82% of US consumers subscribe to a paid video-streaming service, with averages for various types of subscriptions such as TV, music streaming, gaming, and fitness services.
  4. Customer Response to Subscription Models:

    • Customers appreciate models that allow them to control spending. However, the mainstream adoption of subscription models has led to subscription fatigue, with customers struggling to manage multiple subscriptions.
  5. Introduction to Subscription Management:

    • Subscription management is highlighted as a key digital banking feature that addresses the emerging customer need to have an overview and manage various monthly and yearly subscriptions through their digital banking application.
  6. Functionality of Subscription Management:

    • The article explains that customers can use the feature to automatically or manually set up recurring subscriptions. They can easily manage and even cancel subscriptions directly from their digital banking app.
  7. Banks Offering Subscription Management:

    • Three fintechs, namely bunq, Revolut, and Vivid, are mentioned as offering subscription management features. Each is briefly described in terms of how their customers can utilize this functionality.
  8. Benefits of Subscription Management:

    • The article suggests that having an overview and managing subscriptions through digital banking simplifies money management for customers, allowing them to monitor and take action to reduce spending.
  9. The Future of Subscription Business Models:

    • With the rise of subscription business models, the article concludes that Subscription Management is a smart feature that all banks should consider offering to enhance customer experience.

In summary, the article explores the evolving landscape of digital banking, highlighting the significance of Subscription Management as a key feature that addresses the challenges posed by the increasing prevalence of subscription services in the modern era.

Banking Subscription Management | FinTech Insights (2024)
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