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In today's competitive financial landscape, delivering exceptional digital experiences is paramount for institutions aiming to enhance customer engagement and drive growth. However, it’s tough to differentiate from the “sea of sameness” across digital financial experiences.
That’s why we built Bill Navigator. Subscription management platforms have emerged as essential financial wellness tools, with at least 30% of Americans reporting they are currently paying for a consumer subscription management service. The crisis created by subscription businesses has paved the way for new businesses that enable consumers to manage their subscriptions across their multiple bank accounts - like Rocket Money. However, 75% of consumers want in-app subscription management from their banking provider. Banks have a largely untapped opportunity to come to their customers’ rescue with tools to help them wrangle and manage their excessive - and oft unwanted - subscriptions. By becoming the go-to place for consumers to manage subscriptions across multiple accounts, banks drive engagement on their digital platform, and are able to access valuable external account spending information they did not have access to previously.
Since its launch late last year, Bill Navigator has emerged as a transformative engagement play, enabling financial institutions to offer personalized, value-added services that resonate with modern consumers. But don’t take our word for it. The following case studies from two of our pilot customers highlight the significant impact Bill Navigator can have on user engagement and premium account adoption.
Empowering Members: A Credit Union's Success Story
A leading credit union, committed to providing personalized financial solutions to its approximately 400,000 members, sought to enhance its digital offerings in 2024. By integrating Bill Navigator into its digital banking platform, the credit union aimed to offer members greater financial control and convenience.
Bill Navigator's features—such as automatic identification of hidden subscriptions, monitoring of renewal and payment deadlines, and one-click cancellation of unwanted services—provided members with a comprehensive tool to manage their finances more effectively. This integration led to unprecedented levels of app engagement, reflecting members' appreciation for the enhanced digital experience. It also granted the credit union access to valuable external account spending data, which they were able to use to offer customers superior lending rates with their bank and grow their share of wallet.
See the full case study.
Driving Premium Adoption: A Bank's Strategic Move
In a bid to differentiate its premium offerings in a saturated market, a prominent consumer financial institution introduced Bill Navigator to a test group of 200,000 digital banking users in 2024. Offered as a freemium trial, over 28% of users adopted Bill Navigator, leveraging its capabilities to manage subscriptions and control recurring expenses.
The success of the trial was evident when, within four months, 12.9% of the test population upgraded to the bank's premium, fee-based account to maintain access to Bill Navigator. This conversion rate underscores the value users place on tools that offer tangible financial benefits and streamlined digital experiences.
See the full case study.
Conclusion
These case studies from our early Bill Navigator adopters demonstrate the proven potential for financial institutions to drive growth with differentiated and value-added digital offerings. By giving customers embedded, intuitive tools to manage their finances; institutions can foster deeper relationships, drive increased app engagement and encourage adoption of premium services.
Pinwheel predicts that bill management features will become table stakes for consumer financial services providers within the next 12-18 months. To explore whether Bill Navigator is the right solution to transform your digital experience, schedule a demo.
