Capital One Partners with Minna Technologies to Become the First Major U.S. Credit Card Issuer to Offer Subscription Management Tools in its Banking App
In a U.S. market first, Capital One has partnered with Minna Technologies to offer new subscription management tools directly in the bank’s mobile app, enabling its credit card customers to view and manage subscriptions from major merchants, including leading streaming media, publishing and retail brands.
Through its partnership with Minna, Capital One is the first bank in the U.S. to offer these tools to its customers, at no additional cost and conveniently located within their award-winning mobile app. Consistent with Capital One’s ongoing mission to build seamless and innovative digital experiences for its customers, they have also introduced the ability for eligible credit card customers to view and cancel recurring charges with select major merchants. As they look to the future, Capital One and Minna plan to continue to partner and innovate together to expand upon the experience.
Minna Technologies is an embedded financial technology company with a global network spanning subscription businesses, retail banks and fintechs, enabling consumers to view and manage their recurring subscriptions in one place - including pausing, accepting offers, changing plans and resubscribing. They integrate with both banks and merchants to allow them to offer full-lifecycle subscription management directly within banking apps, enhancing customer engagement and reducing operational costs for both issuers and merchants.
The partnership between Capital One and Minna comes at a time when the growing subscription economy is set to reach a global market value of $1.5 trillion by 2025** – with increasing consumer demand for centralized subscription management. Minna’s latest subscription economy research* shows that more than one third of U.S. consumers (37%) have increased their spend on subscriptions compared to 12 months ago. The majority of subscribers (73%) are interested in a single app to view and manage all their subscriptions in one place, and 61% would like to be able to view and manage their subscriptions in their banking app, which 64% of subscribers indicate they trust more than subscription platforms or app stores.
Matt Knise, Senior Vice President, Capital One, added: “Keeping track of recurring subscriptions and payments has become the new - and often burdensome - normal for consumers. Whether it's keeping tabs on increasing costs or remembering all of the subscriptions you’ve signed up for, it's clear that consumers need a better way to centralize and manage where their money goes - and partnering with Minna has allowed us to develop the tool to do just that.
“Being first to market with new spend management tools is a key part of our ongoing mission to provide our customers with financial clarity, simplicity, and security. Our newest suite of spend tools are just the latest example of how Capital One is here for customers, making it easy and secure to spend with total confidence and the convenience of managing it all in one place.”
Amanda Mesler, Chair and CEO of Minna Technologies, said: “In a digital-first era and as part of the ongoing value exchange in the burgeoning subscription economy, it’s critical for banks and subscription businesses to empower customers with control, convenience and flexibility in viewing and managing their recurring spend. With the rise of recurring revenue models and regulatory developments highlighting the importance of protecting consumers’ interests in managing subscriptions, seamless subscription management is becoming ever more paramount – for banks, subscription businesses and subscribers.
“We look forward to continuing to evolve this solution with Capital One, delivering best-in-class, intuitive subscription management solutions and a seamless customer experience, benefiting consumers, merchants, and the bank.”
For more information please contact:
Minna: minna@seven-consultancy.com
Capital One: alli.sherman@capitalone.com
References:
* Global market research firm Savanta structured a survey with Minna Technologies in partnership with specialist management consultancy FT Strategies and conducted fieldwork with a nationally representative sample of 2,000+ U.S. consumers and 100+ U.S. subscription businesses in April 2024. The full results and analysis were published in June in Minna’s Subscription Economy: Evolution Not Revolution report in partnership with FT Strategies and Savanta.
** UBS, The Future of Subscriptions.
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