Customers of Lloyds Bank are being given the ability to unsubscribe from services they signed up to during downtime caused by the coronavirus lockdown. The bank says that subscription services can be amended or cancelled from within its mobile banking app using just three clicks.
Lloyds, which also runs Halifax and Bank of Scotland, has been piloting the new service and plans to launch in the next few months. Customers of the three banks will be able to sign up for automatic notifications when subscriptions are due to be billed, or if price rises are planned.
Most banks let their customers manage core features online, including the ability to cancel direct debits and standing orders. Many offer this functionality through their mobile apps, but the ability to cancel subscription services, which have quadrupled during lockdown, is less common.
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The bank has seen record numbers of sign-ups for digital services during the lockdown, with 1.3 million in March and a further 600,000 in April. Popular options have included TV streaming services and online food deliveries. The ability to cancel subscriptions via the app means that customers will no longer have to call their bank.
Simplified subscriptions
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 being provided through partnerships with Minna Technologies, a Swedish FinTech, and Visa.
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