Norway’s SpareBank 1 teams up with Swedish fintech firm Minna Technologies
SpareBank 1 embraces subscription economy with fintech partnership
Norwegian alliance SpareBank 1 has teamed up with Swedish fintech firm Minna Technologies, to give customers more control over their subscription services.
Minna Technologies is a leading subscription management platform for retail banks. This new partnership will enable SpareBank1’s customers to manage subscriptions from the bank’s mobile app – such as streaming services, gym memberships, mobile contracts, and more.
Subscriptions are popular in the Nordics, with consumers taking out between eight and 12 subscription services. However, according to Joakim Sjöblom, CEO at Minna Technologies, this can mean they are difficult and time-consuming to manage.
“The problem is, when you have many different subscriptions, you pay on different dates, you don’t know who you’re paying, and you might even forget what you’re paying for. So even if your favourite TV series has ended, you are still paying for it,” he said.
This is backed up by a recent survey by Cicero Consulting, which found subscription management was the second most requested functionality among banking customers. SpareBank1, which is the second-largest financial institution in Norway, has decided to address this issue.
Christian Fjestad, head of innovation at SpareBank 1 Østlandet, said: “We believe in open innovation and collaboration, and are confident that Minna Technologies will help increase value to our customers. We will continue innovating and introducing new features to our customers in order to make everyday finances easier to manage.”
Launched in 2016, Minna Technologies is a leading European FinTech based in Gothenburg, Sweden. In response to the subscription economy, the company developed a subscription management software that is integrated inside retail banks.
“Everything that we are developing is surrounded by this global trend,” said Minna’s Sjöblom. “Consumers all around the world are moving away from transaction-based consumption towards subscription-based solutions.
“We believe that subscription management is the area where banks have the best opportunities to meet new customer needs and add new revenue streams.”
The first phase of the partnership will see Minna Technologies service made available to customers of Sparebank 1 Østlandet. It will then be rolled out across the alliance’s remaining 13 banks shortly after.