ApexEdge, a partner-enablement platform that offers monthly bill and subscription management solutions to support the financial health of consumers, formally launched its solutions portfolio to the banking market. ApexEdge empowers banks and credit unions to become true advocates for their customers and members by going beyond offering money saving recommendations to generating savings on their behalf. The platform uses actionable intelligence to identify and pursue savings opportunities through the negotiation and cancellation of monthly service bills and subscriptions offered through either a referral or wholesale model.
Data indicates that over 80% of U.S. consumers overpay on monthly bills and can realize significant savings by renegotiating routine services bills or cancelling recurring subscription fees, but the challenge is in navigating biller contacts, processes, and pricing plus creating the time to do so. Recognizing this market opportunity, ApexEdge has developed its secure, SOC II-certified, modular platform to help financial institutions provide this value-added service, as well as ongoing personal financial management (PFM) tool support, to their customers.
The ApexEdge platform provides four key services for FI customers:
- Negotiate – negotiation of lower monthly services bill rates without changing the service;
- Cancel – cancellation of unused, unwanted and “phantom” auto-renewing subscriptions and memberships;
- Enhance – negotiation of credits or refunds when service outages occur, overages are billed, or services go unused; and
- Protect – demand erasure of customer’s personal information and data footprints retained by providers.
From a go-to-market standpoint, the platform is built on AWS server-less architecture and can be quickly and easily launched by banks and credit unions via APIs. The modularity of the platform gives financial institutions the flexibility to choose how to deploy the service to customers and members: either a direct referral to ApexEdge’s Billshark service, or as a co-branded or even white-label service hosted through the bank to further strengthen the institution/customer relationship and provide cost reduction and the generation of additional non-interest revenue.
Through a robust partner portal, banks and credit unions gain access to a wealth of information to drive their return on investment in ApexEdge and gain access to valuable data insights (including tracking total amounts saved for individual customers) that can then be leveraged to support highly relevant marketing and cross-selling campaigns.
“In today’s consumer banking environment, financial institutions find themselves under increasing pressure – from large competitors to emerging fintechs – to remain relevant to their customers and protect their position as primary partners in their financial well-being,” said Steven McKean, CEO, ApexEdge. “With this in mind, we have designed our platform with banks’ business needs in mind. By leveraging the proven results of Billshark, banks benefit from access to truly actionable data insights and the flexibility that our secure, modular design and use of APIs enables. Through the ApexEdge platform, bankers are strengthening their relationships with customers in a meaningful way that delivers tangible value to institutions and consumers alike.”