You are here: Home - Saving & Banking - News -

Lloyds adds subscription management service to mobile banking app

0
Written by: Emma Lunn
13/07/2020
Lloyds Bank customers will be able to view, manage or amend subscription services using the bank’s 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.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
negative interest rates
Interest-free credit card deals slashed by lenders

Credit card lenders have been reviewing their product offerings with many of the major players slashing the length of interest-free...

Close