UKRSIBBANK BNP Paribas Group announces a strategic partnership with Financial wellbeing startup Dreams
A new opportunity for UKRSIBBANK to enhance its customers’ user experience by dramatically improving its digital banking offering;
- The technology powering popular consumer app, Dreams – which has helped 460,000 users save over 440M EUR – will be made available to UKRSIBBANK’s users in Ukraine
- Through the integration of the Dreams platform within UKRSIBBANK’s own digital tools, customers of the bank can set and achieve money-saving goals, track and improve their financial lives
- These new innovative digital features will be accessible for the bank’s clients starting in 2021
24.11.20, Ukrainian commercial bank UKRSIBBANK – subsidiary of French international bank BNP Paribas Group, today announces a strategic partnership with Dreams (www.getdreams.com), the Stockholm-born fintech empowering millennials to save and feel better about their money.
Through the integration within UKRSIBBANK’s own digital tools of the Dreams Platform – which is rooted in scientific principles – customers can set and achieve money-saving goals through clever, automated saving features, in addition to nudges and hacks.
The Dreams Platform will be included as part of UKRSIBBANK’s digital banking offering for its 2 million+ customers, and is set to grant millions of potential consumers across Ukraine access to products which will help keep their finances on track and improve their financial lives.
The COVID-19 pandemic has accelerated the rise in digital self-help tools and the demand for better personal finance tools in a current global economic uncertainty. The partnership with Dreams is welcomed by UKRSIBBANK, which is striving to support their customers in the best possible way during these difficult times.
Dreams is firmly established as an authority in its industry, having launched its consumer-facing app in its native Sweden in 2016 – where it has already achieved a 16% market share – with plans currently underway to expand the consumer product across multiple European markets.
Konstantin Lezhnin, Head of Retail at UKRSIBBANK BNP Paribas Group, comments: “I believe that banks have a role to improve their customers’ lives. Planning and saving for important life events improves our quality of life by reducing stress levels, and we wish to make our customers feel more confident and in-control of their lives.
UKRSIBBANK has always applied innovative ways to assist our customers in financial planning, so we are very happy to now be working with Dreams, the best European player in behavioural savings. They have an extremely solid track record in Sweden and Norway based on scientific research, so are confident that this partnership will work positively for our customers in Ukraine. This also demonstrates our strategy to cooperate with startups and innovative companies that seek ways to expand their operations.”
Henrik Rosvall, CEO and founder of Dreams, comments: “The partnership with UKRSIBBANK and BNP Paribas Group marks the second time that an established financial institution is integrating our enterprise solution into its own digital tools, and we’re extremely excited to now be introducing our financial wellbeing platform to the Ukrainian market. Our European user base, of which 70% is younger than 35 years old, save €150 more with us every month than they did with their traditional home banks: proof that a customer-centric, behaviour-based approach to savings works. Our solution presents a fantastic opportunity for Ukrsibbank to safeguard the loyalty of its customers and futureproof its digital banking offering against a growing number of challenger banks and fintechs.”
Laurent Dupuch, CEO UKRSIBBANK BNP Paribas Group: “At UKRSIBBANK BNP Paribas Group, we believe evolution of banking business will partly come from easing the relation our customer have with their finance. For both corporates and individuals, our role is to finance projects, should you call them dreams. The partnership we now have with Dreams in Ukraine is willing to establish this mindset as part of our offer. As it is a test & learn methodology, we may go a step further in the coming months.
We are willing to partner with one of the most advanced Fintechs, Dreams, using applied behavioral science, coupled with engaging UX, to empower our customers to feel good about money and adopt sound financial habits. This has been a key driver while looking for a partner”.
Dreams was created in direct response to the major banks’ inability to effectively and understandably communicate with younger customers about asset management and personal finance products. While financial institutions have lagged behind when it comes to engaging millennials, a new wave of credit options packaged to attract young consumers to ‘buy now pay later’ has bred a spending culture leaving a whole generation living paycheck-to-paycheck.
Powered by cognitive and behavioral science to enable users to achieve dream goals and feel better about their money, Dreams has already helped over 450,000 users save over 300M EUR to date.
Dreams employs a diverse team of 80 employees from 15 different countries, across its Stockholm HQ, and additional offices in Oslo and Berlin. The company was set up in 2014. To-date, the company has raised 250M SEK, from institutional investors and family offices including AXA-IM, Storebrand, and Ålandsbanken. For more information about Dreams, please visit: www.getdreams.com
About BNP Paribas Group
BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 71 countries, with approximately 199,000 employees, of which more than 151,000 in Europe. The Group has key positions in its three main activities: Domestic Markets and International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors. The Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance.
In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the European leader in consumer lending.
BNP Paribas is rolling out its integrated retail-banking model in Mediterranean countries, in Turkey, in Eastern Europe and a large network in the western part of the United States. In its Corporate & Institutional Banking and International Financial Services activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.