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Subscription Manager – innovative new solution now available in Danske Mobile Banking

Danske Bank is today launching Subscription Manager in Danske Mobile Banking – a feature that makes it easy to keep track of payment agreements and subscriptions. With just a few taps, it is now possible for customers to get help to cancel agreements and subscriptions that they no longer want but which they never get around to cancelling.

The number of payment agreements and subscriptions that consumers have is on the rise. But the expense of all these small and large subscriptions and payment agreements can soon mount up – and unsubscribing and cancelling agreements that are no longer wanted can feel like a hassle.
Subscription Manager is being continually developed to include as many subscriptions as possible. Initially, the focus is on including subscriptions that customers are able to cancel. Also, the solution cannot currently be used in conjunction with joint accounts.

Danske Bank’s Subscription Manager will make it easier for customers to manage and keep track of their payment agreements and subscriptions. On top of this, the solution also makes it much easier for customers to cancel payment agreements by eliminating the hassle of having to call or write to different companies. With just a few taps in Danske Mobile Banking, Subscription Manager will deal with all the practicalities of cancelling the subscriptions customers no longer want.

Line Munkholm Haukrogh

Head of digital channel development and customer engagement, Danske Bank

Issue has been raised by the Danish Consumer Council
The issue of consumers finding it difficult to cancel subscriptions has also attracted the attention of the Danish Consumer Council. The independent consumer-rights organisation has seen an increasing number of cases where consumers have felt that they have been lured into a trap when they have taken out a subscription that later turns out to be very difficult to get out of. 

“We expect, that Subscription Manager can also help in those cases where customers feel that they have been tricked into a subscription trap. This could be a situation where a customer has said yes to something that looked like a good offer but which ended up with the customer being charged a subscription that proves very difficult to cancel,” explains Line Munkholm Haukrogh.

Ongoing development 
Eventually, customers will be able to use Subscription Manager to save money by improving the terms of their subscriptions. Customers can already ask Subscription Manager to search to see if cheaper options for their mobile phone subscriptions are available, but over time it is planned that the solution will be able to help customers save money on other types of agreements.

Developed together with Minna Technologies
Danske Bank has developed Subscription Manager in partnership with Minna Technologies – a fintech company that in recent has years experienced success with its subscription management solutions in the Swedish market.

Our long-term strategy is to develop new solutions in partnership with fintech companies across the Nordic countries. Our partnership with Minna Technologies on Subscription Manager is an example of Open Banking – and it’s also an example of how such partnerships enable us to offer new solutions for the benefit of our customers.

Line Munkholm Haukrogh

Head of digital channel development and customer engagement, Danske Bank

“Our aim is to help European banks make significant improvements to the customer experience. We’re looking forward to introducing the solution to consumers in Denmark who are customers at Danske Bank,” says Joakim Sjöblom, CEO at Minna Technologies. 

What you need to know: How does it work?

  •  Subscription Manager provides customers with an overview of their subscriptions, and customers can sign up for the service in the Danske Mobile Banking app.
  • Based on an analysis of a customer’s account and payment information, Subscription Manager detects subscriptions and transfers them directly to the app. Here, customers can view all their subscriptions – both those charged to a credit card and those paid by direct debit.
  • By simply tapping a button, a customer can terminate a subscription, and – if the customer desires – Subscription Manager can also help set up new subscription contracts.

More about Minna Technologies

  • Swedish fintech company established in 2015 by three founders – Joakim Sjöblom (CEO), Jonas Karles (COO) and Marcus Lönnberg (CTO)
  • Winner of several European fintech awards for its subscription management solution for the banking sector
  • Specialises in the growing subscription economy 
  • Has 52 employees