Spain’s Banco Sabadell has introduced a subscription management service, in association with Swedish fintech firm Minna Technologies.
The bank is said to be the first lender in Spain to offer such a service, which has been created by InnoCells – Sabadell’s digital business hub – and is integrated in the bank’s mobile app.
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The service, developed in less than three months, offers a complete picture of subscriptions and bills paid by direct debit and / or debit card at the bank.
The aim is to help customers manage expenses including utilities like electricity and gas, telecommunications, digital services, and insurance.
In case of changes in their subscriptions, users will be sent alerts enabling them to cancel unwanted subscriptions. They can also compare prices, enabling them to switch to the most suitable provider.
Minna CEO Joakim Sjöblom said: “By optimising subscription management tools, Banco Sabadell and Minna are empowering the modern consumer to take control of their financial health – not only gaining insights but taking action in a seamless, integrated way.”
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By GlobalDataCurrently, the tool is being trialled with the bank’s 5,500 customers. Plans are on for a broader roll-out in the coming months.
The bank also intends to look into which types of customers have more interest and who extracts the most value from the service.
Developments in the pipeline include enabling customers to have an overall vision and complete control of subscriptions and bills, irrespective of the bank in which they have set up payments.
InnoCells Pol Navarro CEO said: “Open Banking allows us to innovate and offer new digital products and value-added services for our clients, and we are now giving them the ability to manage their recurring payments and save on bills, which will help them take control of their finances.”
Notably, last year, Sabadell and BBVA terminated their merger negotiations as they could not reach an agreement over price.
