Subscription Commerce

BMW To Allow Drivers To Subscribe To Luxury Auto Features On Demand

bmw-subscription-features

In its virtual reality event Wednesday (July 1), BMW announced updates to its auto software experience that included a “drive” through Munich to demonstrate some of them, according to reports.

The updates can be installed later this year in BMW vehicles that support the company’s Operating System 7. New cars will have them factory built-in.

BMW said its new software can update the car’s infotainment system, as well as nearly every code sent to the computer systems that make up contemporary vehicles, according to the report.

One feature allows BMW owners to subscribe to specific hardware features that may have already been installed in a vehicle but weren’t activated when the vehicle was purchased. Examples include heated seats or advanced driver assistance systems, said the report.

For example, if the owner didn’t buy the heated steering wheel and seats, BMW may offer a 90-day free trial subscription for this feature.

“We offer maximum flexibility and peace of mind to our customers when it comes to choosing and using their optional equipment in their BMWs, whether this BMW is new or used,” a company spokesperson told reporters. “So flexible offers, immediate availability, simpler booking and easy usability for choice, at any time, when it comes to your optional equipment.”

According to reports, the jury is still out on how drivers react to paying for subscription services.

The PYMNTS Subscription Commerce Conversion Index on Wednesday (July 1 ) revealed subscription service providers face a persistent and widespread risk of their customers canceling their subscriptions after just a few months.

It’s crucial that subscription service providers work to mitigate this risk, especially true during the COVID-19 pandemic as consumers and businesses are cash-strapped, the report found.

Here are some essentials researchers uncovered: A fast and easy sign-up process, supporting many different payment methods and offering features that allow users to customize their subscription experiences, is essential. Allowing customers to put their subscriptions on hold can help keep them loyal and improve overall user experiences. Keeping subscribers also requires merchants to provide additional features to maximize their user experiences and defeat churn.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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