When Swedbank first approached Minna Technologies after their pitch at STHLM Tech Meetup in 2016, a singular question was posed; how do you build a partnership between a bank and a fintech? Although they’re two different financial entities, both foresaw how much the subscription economy was growing worldwide. More than that, Swedbank recognized the potential in Minna Technologies’ subscription management platform for their own banking customers. These reasons were why Swedbank chose to invest in Minna Technologies and integrate its platform into Swedbank’s mobile banking app.
Minna Technologies’ subscription management platform works by providing Swedbank’s customers with overviews and actionable recommendations (such as cancellations and improvements) on all their subscriptions. It basically functions beyond the parameters of your typical Personal Finance Management (PFM) provider, by providing additional services beyond mere insight. Thus far, this has saved Swedbank’s customers nearly 50 million SEK, with almost 40,000 cancellations successfully executed since the beginning of this partnership. “When entering into our partnership with Minna Technologies, our aim was to create added value for our customers.” said Ģirts Bērziņš, Head of Digital Innovation & Strategy at Swedbank. “With 18 months into our partnership, we are thrilled to see that our customers value the solution”.
Interestingly, Minna Technologies’ solution has a user-interface that’s not backed by Swedbank’s development team. Instead, it’s Minna Technologies in-house development team that develops, updates and maintains the embedded app within Swedbank’s online platform. They conduct A/B tests, provide evaluations, implement improvements and share their findings with Swedbank. They are constantly co-innovating on new solutions and features with Swedbank, thereby continuing to cultivate a mutually beneficial relationship with them.
“We are very proud of our partnership with Swedbank and the value we’ve generated for the users,'' says Joakim Sjöblom, CEO and co-founder of Minna Technologies. He added that Swedbank recognises the value in Minna Technologies’ product and expertise, which enables them to provide customers with a new digital experience. In addition, through this integration, Minna Technologies has managed to create a new revenue stream for Swedbank.
So, how do you build a partnership between a bank and a fintech? Through co-innovation, hard work, constant communication and recognizing the right people with the right expertise. That’s how.
If you are also interested in partnering with Swedbank, you can fill out a Partnership form here.