Fintech company Pinwheel has launched a new subscription management tool, Bill Navigator, designed to assist banks and other financial institutions in saving their customers money on unused subscriptions.
The tool integrates within banking apps, providing a seamless customer service experience aimed at enhancing primacy, engagement, and retention.
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Claimed to offer 80% higher accuracy rate than similar solutions, Bill Navigator uses advanced transaction detection algorithm.
The tool offers banking customers a comprehensive overview of their recurring bills, alerts for due dates and funds availability, as well as savings opportunities, all accessible within their banking app.
Bill Navigator is said to be the only embedded subscription management solution that can detect hidden subscriptions across 11,000 financial institutions, notify customers about trial expirations, renewals, and price increases, as well as scan for deals.
It also provides one-click cancellation for over a hundred merchants, with guided cancellation available for thousands more.
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By GlobalDataFor banks, Bill Navigator presents a new avenue for revenue generation, increased in-app engagement, and the prevention of deposit flight and customer churn by offering internal subscription management services.
The tool also enables banks to identify potential customers for cross-selling by utilising transaction data.
Furthermore, with the one-click bill switching feature, banks can expand their share of wallet and interchange revenue from recurring bill payments.
Pinwheel CEO and co-founder Kurtis Lin said: “We are constantly trying to better understand our client banks, CUs and fintechs’ evolving needs and that starts with how their customers make decisions regarding their financial lives.
“Pinwheel’s Bill Navigator fills a critical gap where those customers’ needs around managing bills and subscriptions have gone unsupported for far too long.
“Bill Navigator puts customers back in the driver’s seat with the transparency and control they deserve and helps our client banks offer real value-additive products to their digital banking experience that help them differentiate in a competitive market.”
