Ukraine's Ukrsibbank deploys financial wellbeing platform from Dreams

Source: Dreams

Dreams, the leading provider of behavioural and engagement banking solutions for some of the world’s largest financial institutions, has today announced the launch of its financial wellbeing platform in partnership with Ukrainian commercial bank UKRSIBBANK BNP Paribas Group.

Dreams’ next-generation financial wellbeing platform is now embedded into UKRSIBBANK’s mobile banking app, giving its 2 million customers across Ukraine access to a full range of additional functionalities from which they can set and achieve money-saving goals through clever, automated saving features, in addition to nudges and hacks.

The launch represents the first product to stem from a strategic partnership between Dreams and UKRSIBBANK, in which the Ukrainian bank is leveraging Dreams’ proprietary financial wellbeing technology, and behavioural science methodology.

The integration will help UKRSIBBANK to significantly revamp its digital banking offering with a more personalised and engaging user experience, which will drive customer satisfaction by boosting the financial wellbeing of its customers, and help to attract new audiences. The Dreams platform will also provide UKRSIBBANK with additional revenue streams and growth opportunities, by encouraging users to boost their personal savings and thus enabling the bank to significantly increase its savings under management.

According to a recent survey by Gradus, a market and sociological research company, 86% of Ukrainians have had a dream or a goal that they weren’t able to fulfil due to financial shortages. Through UKRSIBBANK’s updated mobile banking app, millions of potential customers across Ukraine will now have access to a financial product which will provide them with the necessary tools and skills to be better at saving money, and ultimately, live a more fulfilled and sustainable life.

Henrik Rosvall, CEO & co-founder of Dreams, comments:

“We’re delighted to be launching our product in Ukraine and to be helping millions of more people make better financial choices and feel better about their money. With Ukraine’s large population of digitally savvy millennials, eager to engage with their digital bank, we’re confident that our financial wellbeing platform is the perfect fit to help UKRSIBBANK build long-lasting loyalty to its brand, cater to the needs of new audiences and lead the way in terms of engagement banking.

We started Dreams with the vision of not only empowering people to feel better about their money but also of changing how an entire generation of people interact with financial services. By embedding our financial wellbeing platform into UKRSIBBANK’s mobile banking app, we are on track to bringing this bold vision to light and achieving our mission on an even greater scale, whilst helping our partner bank to future proof its digital banking offering.”

Konstantin Lezhnin, Head of Retail & SME at UKRSIBBANK BNP Paribas Group, comments:

“This partnership with Dreams marks a really important step in our mission of guiding our customers towards responsible consumption and sustainable personal finance management. Beyond providing our customers with a rich user experience enabling them to better understand and improve their financial wellbeing, the Dreams platform will allow us to create new dimensions of customer engagement and drive additional revenue and growth opportunities.

We’ve been really impressed with how Dreams has managed to leverage behavioural science insights to drive product innovation and achieve such a high market share in the Nordics. With such a solid track record in Sweden and Norway, we believe that Dreams’ scientific approach and unique methodology, combined with our customer-centric and user-focused outlook, provides a great formula for success, and will help millions of Ukrainians take control of their own finances and dreams.”

How UKRSIBBANK’s new ‘Dreams’ experience works:

Dreams leverages an effective and universal method, based on behavioural science, to offer users a personalised and engaging savings experience. Through the Dreams platform, users, rather than the bank, are in control of how they handle their money and what they save for.

Once UKRSIBBANK customers have updated their mobile banking app they will have access to the Dreams “savings” product suite, from which they can open a special savings account, set a ‘dream’ or saving goals, and choose to activate multiple saving hacks.

The saving hacks are powered by different algorithms which leverage certain behavioural science principles and gamification to challenge users to improve their financial lives and change their spending habits for the better. Through these innovative hacks, users can benefit from automatic and seamless transfers of money from their current account to their ‘Dreams’ savings accounts. Altogether, there are 16 localised saving hacks to choose from. The two most popular hacks include:

● ‘The Thief’ - the in-app thief ‘steals’ varying, small amounts each week from the user’s salary account and adds it to their ‘Dreams’ savings account.

● ‘Autopilot’ - automatically calculates and withdraws from the user’s bank account the amounts necessary for them to reach their dream on time, taking into consideration other saving hacks activated and manual savings made by the user. If no other hacks are activated, automatic withdrawals are made on a weekly basis.

The rest of the saving hacks are rooted in behavioural change, inciting users to save money by changing their lifestyle and implementing more sustainable consumption and spending habits. These include “Quit Smoking”, “Skip Takeout Food” and “Exercise Outside”, to name a few.

Beyond in-app savings, Dreams also offers asset and debt management products to enable users to allocate the money they have saved through the app towards debt repayments or fund investments.

Dreams initially started out as a consumer app in Sweden and Norway, where it has already achieved critical success, having acquired a 16% market share of all 20-39 year olds, and having helped more than 460,000 users save an additional €2000 per year. The launch of the Dreams platform in Ukraine marks a significant step in the company’s bid to consolidate its international growth strategy, as it looks to expand globally by evolving its services as a B2B provider of digital banking solutions for large financial institutions.

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