ING Belgium deploys Minna Technologies’ subscription manager
ING’s Belgium banking arm has deployed Minna Technologies’ subscription management solution.
ING Belgium has roughly 1.8 million digital banking customers. Today the bank announced its CEO, Erik Van Den Eynden, a 30-year ING veteran, was leaving the bank on 1 October 2020.
Van Den Eynden oversaw a huge restructure at the bank since his 2017 appointment. He prioritised digital and helped the business model reach a ‘lean’ weight.
How Minna works
ING’s new fintech partner Minna gives banks’ customers an overview of all their subscriptions. It also allows customers to cancel subscriptions or switch to other providers without leaving the banking app.
The Swedish start-up, founded in 2016, claims to have saved more than €40 million on behalf of its users.
The fintech is authorised by the Swedish Financial Supervisory Authority (FSA). It operates as both a Payment Initiation Service Provider (PISP) and Account Information Service Provider (AISP).
The start-up’s relationship with ING began on the bank’s 2019 lab programme in Brussels – formerly known as FinTech Village.
The two companies successfully completed a proof of concept in the Benelux region.
ING Labs’ global head, Olivier Guillaumond, believes Minna’s technology will save its customers “millions of euros via cancellation and fully automated switching services”.
The bank’s lab programme is designed for mature fintechs to develop their products. It mainly serves customers in Belgium and the Netherlands.
“We have been very impressed by their [ING’s] innovation speed,” Minna’s CEO, Joakim Sjöblom, says in a statement.
“Given ING’s multinational presence, we have a great opportunity to help millions of customers in these uncertain times.”
Other bank projects
In April, Minna launched a pilot with Slovakia’s Tatra banka. The pilot was part of Raiffeisen Bank International’s (RBI) ‘Elevator Lab Programme’.
Tatra banka, a member of RBI, said it watched Minna “for a while” before the pilot.
RBI has 16.7 million customers which span 13 markets across Central and Eastern Europe (CEE).
Last December, Minna also sealed a partnership deal with OP Financial Group, Finland’s largest financial group.
The partnership followed its participation in OP’s ‘Open Banking Startup Partnership Programme’ in 2018.