Sign us up: Transforming the subscription experience

Subscriptions play a big role in people’s lives. Just think of the many categories where subscriptions exist today – delivery, entertainment, shopping, software, health care, dating and so much more.

Today, there are 6.8 billion subscriptions globally, according to Juniper Research, and that number is expected to jump to 9.3 billion by 2028. Why? People want to be entertained and informed. They want to save time and money. They want to have flexible choices.

Businesses also see lots of value in subscription-related services. It’s a way to build long-term, deeper relationships with consumers. With the relationship established, subscriptions also provide a way to enable new experiences and deliver a product to the consumer quickly and easily, especially when so much of our lives are managed online.

However, there are times when that experience is not exactly as expected. Consumers who want to modify, extend or cancel a subscription, occasionally struggle to find ways to do it easily. Additionally, card payment blocks, a solution often used when frustrated consumers call into their banks can impede the ability of businesses to reengage consumers.

That's why we have agreed to acquire Minna Technologies, adding to our suite of services, pending regulatory review. Minna's payment-scheme agnostic services enable consumers to manage subscriptions within their banking applications and websites. Minna works with some of the largest financial institutions in the world today. These teams and technologies will add to the broader set of tools that help manage the merchant-consumer relationship and minimize any disruption in their experience.

At the end of the day, all of us involved in subscriptions – merchants, financial institutions, payment networks and others – can collectively create a win-win approach for each of us and most importantly, for the consumer. There is already a lot of work being invested in this space. And we see an opportunity to do more together.

To support the subscription experience that both people and businesses want, there are three additional focus areas where we are committed alongside our partners and customers:

01
Providing simplicity: We all agree that a better customer experience involves a straightforward and easy-to-use process. That includes consumers having access to all their subscriptions in a single view. Whether within the transaction in their banking apps or websites or in a central hub, we are committed to delivering an easy to access view of subscriptions so people can sign up for, change, cancel or resubscribe to their favorite services.

02
Enabling clarity: The consumer should have no question about who they have subscriptions with and what they purchased. It comes down to activating solutions that provide consumers transparency (for example, digital receipts) that help reduce involuntary churn, minimize blocks and create greater value.

03
Growing relationships: The future of subscription management solutions must give merchants the ability to interact with their customers in real time, driving engagement, retention and growth. The investments that businesses make in their consumers must continue beyond the first transaction or onboarding them. We are focused on strengthening these connections and supporting businesses in the ways in which they deliver loyalty, rewards and customized offerings to their consumers.

We’re excited about the opportunities in the subscription economy. The future is about building on what works today and finding ways to do more. When we come together to collaborate and innovate we can help simplify a complex digital ecosystem, deliver better experiences and help grow the economy.