Subscription Management Is One Tool in Array and Narmi’s Bank Tool Suite – Digital Transactions
Array US Inc. and Narmi want to enable banks to offer consumer-finance management tools to their customers with a suite of products, including subscription management.
Array, a fintech platform, and Narmi, a digital-banking platform, say the collaboration—called Narmi FinHealth—will give financial institutions an easier way to provide these tools to their customers. Both companies are based in New York City.
The average U.S. consumer is paying for 5.2 subscriptions and spending $69 per month on them, according to a survey from Bango, a subscription-bundling service, and sometimes managing them can be challenging because it requires bouncing around Web sites. The Array/Narmi service provides a single dashboard for FI customers to track, manage, and cancel recurring payments.
Other tools include credit monitoring, identity protection, student loan repayment help, and debt guidance. Other tools, some of which may carry a fee to use, include rent reporting to credit bureaus, privacy management, home value, and financial planning.
Array’s recent acquisitions have included similar services for consumers. In February, it acquired EarnUp, a fintech that helps consumers align mortgage, loan, and bill payments with their pay cycles, and Penny Finance, a financial-education platform.
