Lloyds adds subscription management service to mobile banking app
The service, which aims to make managing subscriptions easier for customers, is currently being piloted and will soon be available to customers across the UK.
Research by Lloyds found that more than 2.2 million consumers have signed up to new subscription services since the Covid-19 lockdown began. More than 1.3 million Lloyds Bank customers added new subscriptions in March, quadrupling the figure of 325,000 in February.
The trend continued into April with nearly 600,000 new subscription registrations, but dropped in May to pre-lockdown levels.
Monthly subscription services provide ease and convenience including TV and film streaming providers, audio book services and food boxes.
But it can be easy to forget that you pay for a subscription to a service you no longer use, or when a free trial ends.
To help customers keep on top of their spending, the new Lloyds Bank mobile feature provides a snapshot of debit card subscriptions to encourage regular and better money management.
The bank says customers can benefit from real time push notifications that proactively keep them informed about subscription charges, including price increases. They can also cancel from within the app when they no longer want to use the subscription service or product.
Nick Edwards, digital service director at Lloyds Bank, says: “Customers have been able to manage direct debits and standing orders online for some time. With the growing popularity of subscription services we’ve launched this market leading service to respond to our customers’ desire for more control and flexibility in the ways they manage their money.
“With over 16 million customers online and 12 million using our mobile app, this is one in a series of new and exciting features we are launching this year to continually improve customers online experience.”
The new service is provided through partnerships with Minna Technologies, a Swedish FinTech, and Visa.