Swedish financial wellbeing platform Dreams has launched a new entity known as Dreams Technology as it continues its expansion into the B2B space.
According to a press release on Thursday (Nov. 17), the launch marks the separation of the company into distinct B2C and B2B businesses.
“The new direction of the company will enable laser focus on growing our B2B business, supporting banks in creating deeper and more valuable relationships with their customers, and helping us achieve our core mission of making financially sustainable living an everyday reality for people,” said Henrik Rosvall, the company’s founder and CEO.
Dreams Technology said its goal is to help banks boost revenues through increased consumer engagement with their applications, attract new customer groups, and address ESG goals while improving their customers’ financial well-being.
The company added that its technology will help banks increase their savings and assets under management by helping customers save and invest, while also reducing default rates, which Rossvall said is especially relevant given the cost-of-living situation that’s causing “financial anxiety for millions of households around the world.”
As PYMNTS noted recently, that anxiety is more pronounced in some places than others. Our research found that people living in rural areas are feeling the burden of historic cost-of-living increases far more than people who live in more urban areas.
Digging deeper into the PYMNTS study “Consumer Inflation Sentiment: Inflation’s Long Consumer Spending Shadow” — which was based on surveys of 2,467 U.S. consumers with assorted financial lifestyles and in different regions of the country — the range of effects became much clearer.
As the study said, “one-third of consumers are having trouble paying their bills, and two-thirds believe it will take another 18 months before inflation rolls back to 2021 levels.”
Our research found that rural households are seeing more difficulty paying their bills, with 54% of rural residents interviewed reporting these difficulties as a sources of concern, compared to 41% of those living in large urban areas and 42% of those residing in smaller urban settings.
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