Lloyds Bank has launched a new subscription management service which will allow customers to view, manage or amend subscription services following an update to its mobile banking app.
According to the bank, over 2.2 million consumers signed up to new subscription services since the Covid-19 lockdown began with over 1.3 million Lloyds Bank customers adding new subscriptions in March, quadrupling from 325,000 in February.
It said the trend continued into April with nearly 600,000 new subscription registrations, but dropped in May to pre-lockdown levels as many began to assess their finances as lockdown measures began to ease.
Lloyds added the new mobile feature provides a snapshot of debit card subscriptions to encourage “regular and better money management that is simple, easy to use and free of charge”.
Nick Edwards, digital service director, Lloyds Bank, said: “Customers have been able to manage direct debits and standing orders online for some time. With the growing popularity of subscription services we’ve launched this market leading service to respond to our customers’ desire for more control and flexibility in the ways they manage their money.
“With over 16 million customers online and 12 million using our mobile app, this is one in a series of new and exciting features we are launching this year to continually improve customers online experience.”
The new service is provided through partnerships with Minna Technologies, a Swedish Fintech, and Visa.