During times of unprecedented inflation in the Eurozone, bunq, which claims to be the second largest neobank in the EU, has observed a cross-country trend of younger European consumers being severely impacted by the ongoing cost-of-living crisis.
The neobank’s clients in different European Union nations are reportedly increasingly concerned about their eroding savings and inability to carry out planned purchases.
According to research performed by bunq, around 94% of millennials based in the Netherlands, Germany and France stated that they’ve been impacted by the present economic issues, with about 40% having reduced their expenses and 38% delaying bigger purchases for the foreseeable future. Over two thirds of consumers see their long-term plans, like moving or starting a family, being significantly impacted by record-breaking inflation.
Being rooted in the wants and requirements of its clients, bunq is providing new technology-powered tools in order to assist customers with maintaining their financial health and regaining control of their finances.
Ali Niknam, CEO and founder of bunq, remarked:
“Most of our users are taking active steps to regain control over their finances: either by budgeting diligently or by paying better attention to large or impulsive purchases. We want to help them do that more efficiently and are introducing the fourth generation of our app, more simplified and powerful than ever. It will allow them to budget with zero effort and kick inflation to the curb.”
Announced at the bunq Update 21 in DeLaMar Theater in Amsterdam, the fourth major update to the bunq app, includes such new features as Easy Budgeting and Group Expenses. Easy Budgeting enables clients to budget by setting up several different budgets for groceries, shopping or holiday plans.
Thanks to bunq’s patent-pending tech, expenses can be automatically counted towards an appropriate budgeting sub-account.
bunq’s Group Expenses allows clients to start multiple activities with family and friends, like a weekend trip together or a birthday dinner. It allows clients to add their card payments to a group expense automatically and to split it when an activity is over.