Under the agreement, ING Belgium’s 1.8 million digital banking customers will be able to manage their subscriptions without leaving the digital banking channel. Minna’s solution helps users view all of their recurring subscriptions in a single place, allows them to cancel existing subscriptions, and shows them potential alternatives to some of their subscriptions.
“This is a clear example of impactful Fintech partnerships that we aim to scale within ING,” said Global Head of ING Labs & Fintechs, Olivier Guillaumond. “It will offer a differentiating experience to our customers allowing them to have a better insight into their subscriptions and save millions of euros via cancellation and fully automated switching services.”
The integration is the result of Minna Technologies’ participation in last year’s ING Labs Brussels program. During the program, the two companies completed a proof-of-concept that demonstrated the value of subscription management for users in the Benelux region.
“ING Labs Brussels is a special purpose vehicle concentrating on validating proof of concepts with mature fintechs to bring maximum value for our clients so they can stay a step ahead in their lives,” said Guillaumond, adding that it has “the potential to expand to other countries.”
Minna was founded in 2016 and has since helped users save more than $45 million with its subscription management solutions. The Sweden-based company, which has raised $6.2 million, recently demoed at FinovateEurope 2019. ING Brussels joins SpareBank1, Visa, Swedbank, and Danske Bank as clients.
Social media payments friend or foe (John Burgos)
Social media, like any other innovation, is likely to go through a refinement period, which seems like a never-ending process of updates and improvements. Despite its substantial list of pros and cons, social media sites and apps have been here for more than a decade and its footprint in today’s society is both profound and undeniable.
The social media technology pioneers that have changed how we socially interact, have moved the bar again, by implementing a payment gateway within the social media ecosystem. It has now changed how we may make payments to our friends, family and associates. If you thought that social media technology was a big disrupter to our social interactions, think about how social media payments can disrupt the payments business. One might ponder if social media payments can be the catalyst for a cashless society one day.
Social media platforms have all the right ingredients needed for having a strong payment platform, it can reach across distant and remote locations, a huge consumer base that increases exponentially, ease of use with far better customized user interface than other mobile or web applications, social cohesion across the consumers that can easily initiate a channel of communication.
Despite all these benefits, the adoption of social media payments is considerably lower than expected, when compared to the adoption of other recent payment trends, such as real time payments and mobile payments. PayPal first popularized the trend, and other companies have since hatched their own versions, including Apple Pay, Twitter Buy, Google Wallet, WhatsApp Pay, Venom, Snapcash.
Facebook, who owns WhatsApp, a social media messenger app, with a user base of 200 million and growing, could prove to be a full-fledged social media payment platform. Given WhatsApp’s platform: broad set of payment streams, reinforcement of business opportunities via virtual offices and direct sales, ability to personalize selling opportunities based on consumer data, and quicker payment via the right consumer footprint, the use case of social media payments is vast.
Considering the massive database of users that social media possesses, and the payment capabilities readily available today via technology, it made perfect sense to bring the two together…right?
So, what are some of the challenges of social media payments you might ask… Cybersecurity?
If the systems are compromised, hackers can potentially access the bank information for every user. It is easy to manipulate the payments on the app, all one needs is access to the mobile device with the social media app logged in. The case is similar for mobile banking, but in mobile banking the app session logs out after non usage (for a defined time interval), which is not the same in the case of social media payments. Your phone’s security features will be more important than ever, as social media payment apps will require PIN and Biometrics for authorization and authentication purposes to access your social media apps and it’s payments functions.
So, should you view social media payment as a friend or a foe? If social media payments, like any other innovation, goes through its refinement period related to cybersecurity. We can then expect that one day social media payments will be considered a friend to most, and consequently, drive growth of social payments.
The finance industry’s guide to marketing data
Financial companies face changing economic conditions, heightened consumer expectations, and growing competition among legacy institutions, digital-native brands, and tech giants. To stay ahead, savvy financial services brands are adopting innovative, data-centric marketing strategies to drive customer acquisition, retention and long-term loyalty. These industry-leaders are thriving in times of intense changes in the marketplace by leveraging zero-, first-, second- and third-party data to provide personalized customer experiences, reduce ineffective marketing spend, and create compelling, targeted campaigns for their audiences.
Zero-party data is shared by the consumer and includes their preferences, attitudes and interests. Zero-party data is generated when consumers directly interact with surveys, preference centers, polls, and questionnaires.
First-party data is information about your prospects and customers that is collected, owned, and managed by your company. It can be data that is observed through spending behaviors, or it can come from first-party cookies on your company’s website.
Second-party data (aka, partner data) is information that financial services companies acquire through a partnership with another company that provides access to the partner’s first-party data. Examples of second-party data can include co-registration campaigns such as contests or sweepstakes and co-op data pools created by a partnership between a group of companies.
Third-party data is collected by external data providers, like Infogroup, that do not have any direct relationship with consumers whose data is being collected. The data is gathered from various platforms, apps, and websites, then aggregated and “packaged up” in data sets. Financial brands use third-party data to generate deep insights about their customers, create personalized campaigns, and employ advanced modeling techniques such as lookalike models, identity resolution, and personas.
Download The Finance Industry’s Guide to Marketing Data to learn more about the benefits and use cases for each of the four types of consumer data, including:
- How the 4 types of data help banking brands drive growth & improve marketing efficiency
- Strategies to find the best prospects & build personalized campaigns
- Real-world examples from financial brands like Ally, TD Bank, Bank of America, and more!
Discover the true business opportunities of open banking
With 2020 being the year of open banking, businesses and financial institutions across Europe have been able to create convenient services with access to real-time financial data and account-to-account payments.
To explore the live use cases of open banking, Nordic API Gateway has created a survey of the financial services industry. The results were impressive:
- 76% have made at least one change as a result of PSD2 in just a few months
- 82% are positive that open banking will provide new opportunities for their business
Download the report today to discover the true monetisation model for open banking.
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