How papernest is removing the pain of paperwork using open banking
French startup papernest built a digital platform that makes subscription management smarter and effortless – and they already have more than 600,000 users across Europe. Through papernest, users can manage all their subscriptions conveniently in one place. Here’s how they’re leveraging open banking to deliver a seamless user experience.
papernest is making subscription management effortless with Tink’s open banking tech.
Account aggregation will simplify the user experience, letting customers connect straight to their bank for transaction data.
papernest has over 600,000 users already and has saved people over 3 million hours by cutting down their admin.
The ‘aha!’ moment that sparked the idea for papernest happened when one of the co-founders was moving home and came across a clear pain point: all the contracts you have to manage – insurance, electricity and internet providers, to name a few. Having to deal with each company individually is annoying, time-consuming, and can take all the fun out of moving, and instead turn it into a big pile of stress.
Philippe de la Chevasnerie and Benoît Fabre, the founders of papernest, knew there had to be a better way. They wanted to spare people from having to spend hours on the phone to cancel or move a contract. And then take things a step further by also helping people find the best deals and quickly switch to new services – without spending hours on price comparison sites.
A platform to manage all your household utilities
The digital platform created by papernest simplifies paperwork by letting people access and manage it all in one place. Their mission is to help people take back control of their subscriptions, and they do that by letting people switch, cancel or sign up for services with zero hassle, saving them precious time and money.
Over 600,0000 people are using papernest, which is quickly becoming the go-to digital platform for contract management. The platform has already helped people save over 3 million hours by cutting down on all their administrative work. You read that right – it’s a lot of hours. It’s the perfect product for anyone allergic to paperwork.
Besides sparing people from a lot of admin work, and giving a full picture of their subscriptions, papernest goes beyond this by also helping its users save money. They do this with an automated price comparison service that tells customers how much they can save by switching to providers that offer better deals. And, of course, with papernest the switching process becomes a lot easier too.
So on top of helping customers centralise all their subscriptions, papernest also helps people optimise them.
Leveraging the power of open banking
Using Tink’s account aggregation, papernest can simplify the customer experience vastly, letting customers share their transaction data by connecting straight to their banks. This is beneficial because it lets papernest analyse the customer’s transactions and detect all their subscriptions – automatically adding them to their papernest account.
Without this step, customers would have to manually input all the details related to their subscriptions – providers, account numbers, payment amount and what have you. This would not only lead to drop-offs and errors during the onboarding – but also kind of defeat the whole point. ‘We’ll help you skip a lot of manual work. But first, we need you to do all this manual work’ doesn’t ring as a very enticing proposition.
Through the Tink connection, papernest can help their clients stay on top of their money and make smarter household decisions.
Scaling fast
The French startup has ambitions to grow quickly, and one way they are doing this is with real estate agencies. By using papernest’s B2B application, agencies can send their clients to papernest directly to help people effortlessly manage and update their subscriptions.
And they’re not stopping there. Currently available in France, Spain, Italy, and the UK, papernest hopes to expand to more markets later next year – and luckily, they can count on Tink’s broad European coverage for help.
If you’re interested in exploring new possibilities and leveraging open banking, check out our getting started page – or try our tech right away by signing up for our platform.
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