Atomic, the leader in payroll connectivity, has officially announced the launch of new subscription management technology called PayLink Manage, which is designed to help account holders seamlessly view, update and optimize all their recurring payments directly from within their financial institution’s original app workflow. Such a system, for individual customers, should facilitate action in regards to cutting back on unnecessary spending and improving upon their wealth management practices. On the other hand, for banks, this particular system will deliver more frequent and meaningful interactions, thus deepening their relationship with customers. To understand the significance of this platform, though, we must take into account how, despite the convenience they bring, managing different recurring payments is today a tedious task in its own right. Fortunately enough, PayLink Manage addresses that problem by centralizing and automating oversight and control. In essence, the solution is able to leverage the same for the purpose of conceiving a unified experience, where consumers can go to connect, view and track all of their recurring payments, including subscriptions and bills, such as streaming services, phone and internet plans, auto-insurance, rent, and mortgage payments. Talk about the same on a slightly deeper level,, we begin from the solution’s enhanced service offering. Here, the idea would be to integrate subscription management capabilities into banking apps, and therefore, supplement users’ bid to take control of their finances.

“The new products Atomic chooses to invest in and build are determined after thoughtful conversations with clients and extensive market research. We’re confident that within a few years subscription management will become a must-have feature in any leading consumer banking application,” said Jordan Wright, Co-Founder and CEO of Atomic. “By integrating PayLink Manage, banks can not only improve their service offerings and increase engagement, but also can solidify themselves as the primary banking relationship. When banks help their account holders with innovative insights that are actionable, everybody wins.”

We already referred to the solution’s commitment towards strengthening relationships, but what we still haven’t acknowledged is that it will do so through a mission control mechanism for account holders’ financial activities. This basically involves helping banks become the go-to resource for monitoring spending, identifying opportunities to cut costs, and finding ways to save money. Almost like by-product of the stated capabilities, banks can expect to enjoy a sizeable competitive edge in an otherwise extremely tough market. Once it has brought new customers into the fold, PayLink Manage will also let these banks achieve better customer retention rates, thanks to the control and actionable advice through which improve the customer’s financial position in a sustainable way. Assuming that works out just the way it is envisioned, the whole arrangement can very well lead these institutions to earn higher customer loyalty.

Rounding up highlights is the facility to access cross-selling opportunities. With the availability of comprehensive data of customer spending habits and financial needs, banks can go ahead and put-together more targeted and timely offers for related financial products like loans, insurance, and savings accounts. Such a feature, like you can guess, can encourage better revenue across the board.

“PayLink leverages Atomic’s proven technology, which has already facilitated millions of secure connections across financial platforms,” said Andrea Martone, Chief Product Officer of Atomic. “With this launch, we are extending our trusted, robust connectivity framework to subscription management, providing financial institutions with a tool to enhance customer engagement and improve retention by helping people take action to improve their financial outcomes.”