Financial Wellbeing Platform Dreams and Mastercard to Offer Sustainable Banking Products

Dreams, the financial wellbeing platform and “leader” in engagement banking solutions has  announced a partnership with Mastercard (NYSE: MA) in order “to focus on delivering a suite of sustainable banking products for financial institutions designed to empower individuals to change their behavior for the better and take high-impact climate action.”

With the immediate sense of urgency around climate change becoming increasingly prevalent in recent years, policy makers worldwide “have significantly tightened climate reporting guidelines, while the public sentiment towards sustainability has shifted dramatically.”

As such, the need for banks to have a strong ESG strategy in place has become “an absolute business imperative if they simply want to remain competitive within the broader financial landscape.”

Implementing digital tools that “enable customers to make sustainable consumption choices and reduce their carbon footprint can offer banks and financial services a unique opportunity to drive customer engagement, reach their net zero goals quicker, and pave the way for a major change in consumer climate action.”

Johan Modenius, Head of Financial Institutions, Nordics & Baltics Mastercard, comments:

“Tackling the global trends of positive, sustainable behaviour will take a lot of effort, and significant businesses have an important role. Mastercard is committed to using technology, engaging with partners, and our global network to inspire both local and global action that fosters a more sustainable and inclusive digital economy. We are happy to partner with such an innovative fintech company like Dreams to continue driving a more sustainable future.”

The strategic partnership means that Dreams will be “included in the suite of Value-Added SaaS platform and will enable the establishment of a ready-made out of the box solution between Dreams and Mastercard for transactional data that will empower bank clients to save more and lead financially sound and sustainable lives.”

Henrik Rosvall, Founder and CEO of Dreams, remarked:

“Today, we at Dreams are taking a crucial step as a B2B SaaS company. Through our strategic alliance with Mastercard, we can catalyze relevant and engaging digital customer journey transformations within Mastercard’s existing network of banks and financial services, and provide our unique Saas at the fingertips of millions of people. By operationalizing insights from cognitive and behavioral science, our products effectively drive behavioral change towards a more sustainable way of living and increased financial wellbeing. Banks who embed our solutions in their offering can capitalize on this expertise to boost customer engagement and digital sales, accelerate their transformation towards net zero, and take a leading stance in the fight against climate change and increased financial wellbeing”.

Dreams’ core mission is “to make financially sustainable living an everyday reality for people.”

Since 2016, the company’s B2C money-saving app has “helped over 500,000 users in the Nordics save and invest money for the future, by leveraging a methodology rooted in psychology, neuroscience and behavioural economics.”

Building on the success of Dreams’ B2C platform, the company recently “expanded its business model into the B2B space, and evolved its services, as a provider of engagement banking solutions.”

Banks can now “leverage Dreams’ scientific methodology and expertise in behavioral change to empower and motivate their customers to make positive behavior changes in their lives which boost financial wellbeing and minimize their impact on the environment, whilst significantly increasing engagement, retention and lifetime value of banking customers.”

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