New Embeddable App Helps Financial Service Companies Create Stronger Consumer Engagement and Generate Non-Interest Income
Array announced the launch of Subscription Manager, an embeddable, private-label app that helps financial institutions, fintechs, and digital brands attract new consumers and retain existing customers by giving them insight into and control over recurring payments.
“The fragmentation of financial services has left both financial service firms and consumers looking for ways to streamline personal financial management”
The increase in subscription-based services in the past decade has made it difficult for consumers to track and manage their spending. The average US household spends $219 a month on subscriptions, more than 2.5 times what consumers think they are paying, according to a 2022 survey by market research firm C+R Research. Additionally, JD Power reports that 56 percent of consumers have forgotten about at least one recurring payment.
Latest Fintech News: OrBit Markets Executes World’s First Bitcoin and Gold Hybrid Derivative
According to Forrester, 47 percent of US banking customers say that subscription management tools would be useful on their mobile banking apps but only 5 percent are using a subscription management tool today. With Subscription Manager, financial service providers can deepen engagement, differentiate their digital experience and generate additional revenue.
“Managing subscriptions is a major pain point for consumers looking to tackle their finances,” said Deepak Sharma, GM of Digital Financial Management Products at Array. “Scanning their bank statements to find recurring transactions and keeping tabs on them over time is so overwhelming, most of them would rather continue paying than have to go through that hassle. Our mission is to not just provide our customers with deposit, loan, and credit services but to help them manage their entire financial well-being and Array’s Subscription Manager makes that so much easier.”
Latest Fintech News: Ocrolus Adds OpenAI GPT Embeddings for Deeper Automation in Financial Document Analysis
Subscription Manager can be offered to consumers in a variety of models including as a value-added service, a premium upgrade, or other options. With the new tool, they can:
- Monitor their subscriptions in a single, consolidated view.
- Cancel unused or low-value subscriptions with just a single click.
- Request that Array negotiate a lower rate on select subscriptions on their behalf.
- Consolidate their subscription management with other financial services.
The new offering is the fourth new product the company has announced in the past year including HelloPrivacy, BuildCredit Loan, and Debt Manager. It joins the company’s quickly expanding portfolio of fintech solutions which also includes My Credit Manager, Identity Protect, Offers Engine, and more.
“The fragmentation of financial services has left both financial service firms and consumers looking for ways to streamline personal financial management,” said Martin Toha, CEO and Founder of Array. “Our goal is to help consumers and financial institutions fuel financial progress by creating a platform that connects disparate financial experiences like credit monitoring, identity protection, debt management, and more. We’re excited to add subscription management to that list.”
Latest Fintech News: Mastercard Launches New Data & Services Hub in Malaysia to Serve the Asia Pacific Region
[To share your insights with us, please write to sghosh@martechseries.com]
