However, none of the 10 largest UK banks supported subscription management features as of June 1, and only Lloyds has it since. This combination of high value to consumers and rarity could make Subscriptions a powerful customer acquisition and retention tool for Revolut, helping it lure customers away from major UK incumbents that don't offer the feature.
Perhaps more importantly, Subscriptions could help make Revolut a bigger and less expendable part of its customers' financial lives. A major caveat of Subscriptions is that it only offers insight into recurring payments customer make with their Revolut cards. This means that in order to take full advantage of the feature, customers will have to shift spending on subscriptions to streaming services, Amazon Prime, and the like over to their Revolut card. The cumulative effect is that Subscriptions could help Revolut push toward primary account status as customers increasingly integrate their financial lives with Revolut.
And the current rarity of the feature means customers who come to depend on the Subscription tool's money management benefits will be unlikely to switch banks, even given the in the UK of the Current Account Switching Service, which makes it easy for consumers to transfer accounts and recurring payments between banks.Join other Insider Intelligence clients who receive this Briefing, along with other Banking forecasts, briefings, charts, and research reports to their inboxes each day.
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