For the first time, one of the secret weapons of the world’s most successful telecommunications companies is available to retail banks and credit unions.  

As industries go, maintaining profitable customer relationships in the telecommunications industry is about as hard as it gets. Intense price pressure, regulation that makes it easy to switch from one brand to another, a seemingly commoditized product offer, intense competition…. any of this sound familiar? 

And yet, in the face of these pressures, many of the innovators in telecommunications have hit on a new formula for building stronger customer relationships, by succeeding in a different kind of battle – the subscription wars…  

With 85% of the population paying for at least one subscription (source: Bango, 2022), and 23% subscribing to nine or more (Parks Associates Inc., 2023), subscriptions have become a mainstay of how people consume and a growing proportion of household monthly budgets.  

On average, subscribers in the USA spend $219 per month on subscriptions (CNBC), with almost a third underestimating monthly spend by as much as $199, and 42% paying for services they do not regularly use. This means helping customers with their spending on subscriptions has become a priority for banks and credit unions.  

Make it easier for customers

In our survey, 72% of customers believed they had too many subscriptions…. but the same percentage also said they would likely try out new subscriptions, if they could do so through a consolidated, transparent, single point of management. This is the pain point that telcos have started successfully to address, one that banks and unions are well placed to support. Verizon, BT, Optus, and other communications companies now offer their customers subscription “hubs”, which give the consumer a comprehensive, clear, and convenient way to enjoy their subscription-based services. In each case, these hubs are based on the Bango Resale platform.  

But rather than focusing on simply viewing and cancelling customer subscriptions, Bango provides tools that enable banks and credit unions to directly help customers manage and optimize their rapidly growing list of subscriptions. Bango Resale is a connect once SaaS solution, directly connected to over 85 subscription brands, including all the global leaders, with more joining every month. Operating as a publicly traded company, adopted by many of the world’s leading telcos, retailers, benefits platforms, and hardware OEMs, Bango brings a trusted, proven, secure solution to subscription management across multiple subscription service providers.  

Using technology that you can rely on

Through Bango Resale, banks and credit unions can help their customers unify all their existing disparate subscription services. This is achieved by simplifying the different registration flows, terms, notification policy, and payment options – into one standard customer experience, as part of the bank’s trusted brand. Ultimately standardizing subscriptions, helping enforce compliance with rules and best practice.   

“Rather than simply cancelling and blocking, Bango Resale focuses on complete subscription and subscriber management. Subscriptions can be paused, downgraded, and exchanged, as well as easily cancelled as a last resort”, said Maria Vidondo, VP Strategy for Banks, and Credit Unions at Bango. “Bango encourages customers to move their subscriptions into their primary trusted account to get a consistent view, unified control, and a better deal. Banks and credit unions can choose to combine multiple subscriptions and offer super bundles with compelling discounts or cashbacks. This is great for rewarding or motivating customers, while helping build stronger relationships, with more regular communications.” 

Back in the telecommunications world, boosting revenue per user, reducing churn, and increasing lifetime value are the KPIs that drive telcos to innovate. Which is why becoming a channel for consumers to manage their “subscriber lives” has become such a focus for increasing the value and relevance of telcos to their customers.  

Banks… Credit Unions… the subscriptions secret is out; your time is now.  

Contact Bango for more information on how banks and credit unions can win the “subscription wars”.