Bean a “next-generation price comparison service”, has launched to help so-called JAMs – the Britons who are just about managing – reduce recurring payments and maximise income, saving them hundreds of pounds a year.
Bean connects to individual bank accounts and tracks all regular payments, such as direct debits and subscriptions, alerting users to opportunities to switch or cancel.
More than 50% of spending by consumers is through recurring payments, such as rent, utilities, and insurance – or subscriptions, like Spotify, Netflix, and Graze Box.
Bean’s CEO, Peter Myatt, left ZPG PLC, owner of Zoopla and uSwitch, in 2016 to found Bean. “Consumers are increasingly seeking personalised products and easy-to-use solutions through the subscription model. But they fall into subscription traps and miss out on savings if they don’t keep on top of their spending.
“We want to help people who might be having a hard time managing their bills, accidentally caught in subscription traps and not sure how to go about switching or cancelling services.
“Bean doesn’t just show you a dashboard of your personal finances, it actually notifies our customers about better deals and potential savings and helps them end unwanted subscriptions, without any hassle.”
In pre-launch tests, Bean saved users, on average, the equivalent of £672 per year with some managing to curb around £1,000 from their spending.
New features are planned, including a system that predicts when users might go into their overdraft days in advance of the event so it can send the user warning notifications.
Myatt added: “These savings can make a dramatic difference for so-called JAMs, the six million working-age households on low to middle incomes.
“We are offering a new type of service that helps maximise incomes and puts the power back in the hands of consumers in a simple and manageable way.”