Array introduces Subscription Manager to track recurring payments

By Delisha Fernandes

Array announced the launch of Subscription Manager, an embeddable, private-label app that helps financial institutions, FinTechs, and digital brands.

The increase in subscription-based services in the past decade has made it difficult for consumers to track and manage their spending. Additionally, JD Power reports that 56 per cent of consumers have forgotten about at least one recurring payment.

According to Forrester, 47 per cent of US banking customers say that subscription management tools would be useful on their mobile banking apps, but only 5 per cent are using a subscription management tool today. With Subscription Manager, financial service providers can deepen engagement, differentiate their digital experience, and generate additional revenue.

“Managing subscriptions is a major pain point for consumers looking to tackle their finances,” said Deepak Sharma, GM of Digital Financial Management Products at Array. “Scanning their bank statements to find recurring transactions and keeping tabs on them over time is so overwhelming, most would rather continue paying than go through that hassle. Our mission is to provide our customers with deposit, loan, and credit services and help them manage their financial well-being, and array’s Subscription Manager makes that so much easier.”

“The fragmentation of financial services has left financial service firms and consumers looking for ways to streamline personal financial management,” said Martin Toha, CEO and Founder of Array. “Our goal is to help consumers and financial institutions fuel financial progress by creating a platform that connects disparate financial experiences like credit monitoring, identity protection, debt management, and more. We’re excited to add subscription management to that list.”