Storebrand chose to partner with Dreams Technology to attract a new, younger audience to the bank and help them save more
Storebrand is a leading player in the Nordic market, offering pension, savings, insurance and banking products to individuals, businesses, and public companies. Storebrand looks after the savings of over 2 million people in Norway and Sweden and is committed to managing customers’ money effectively and responsibly, helping them to fulfil their dream of increased financial freedom and security.
Storebrand wanted to introduce a solution that attracted the young generation and helped them to save more and reach their financial goals. However, human behaviours are complex, and changing behaviour is an even more complex task. Storebrand understood that in order to succeed, they needed to offer an experience that would effectively drive customer action.
Buy vs. build
Building an effective engagement banking solution doesn’t only require a budget and a significant amount of time but expertise in various areas including neuro- and cognitive science and behavioural economics. As Storebrand didn’t have the expertise in-house, they decided to work with a partner that enabled them to go to market fast with a proven, science-based solution.
Dreams: Making money personal and emotional
The Dreams Technology platform has been co-created with leading scientists from the fields of psychology, neuroscience and behavioural economics. The user experience is built around how the human mind works and is optimised for engagement. Storebrand has integrated Dreams Technology’s savings solution to boost its customers’ digital engagement and financial wellbeing.
The core experience inspires customers to visualise their dreams and makes saving money personal, emotional and fun. This effectively helps people to emotionally connect to their future selves and find the motivation they need to make their dreams come true.
Savehacks: Science-based tools that boost saving behaviours
In addition to helping Storebrand customers connect emotionally with their dreams, Dreams Technology’s Savehacks offer sophisticated, fun ways to save money towards their dreams. Savehacks are unique micro-savings mechanisms that help customers to find money to achieve their dreams by turning spending habits into saving habits.
Using a variety of scientific techniques including temptation bundling and intermittent reinforcement, they help people reprogram their attitude towards saving, by combining them with simple and fun activities.
Storebrand’s customers can choose from 70+ Savehacks, designed to fit different lifestyles and personalities. Thanks to Savehacks, customers save on average €2000 more per year, driving significant growth in Savings Under Management (SUM) for Storebrand.
Working with a new partner can impact companies in many positive ways, inspiring them to grow and thrive. “We found it very inspiring to work with Dreams Technology. Their methodology, their roots in science, their mobile-first approach, and the fast and seamless integration were truly innovative,” added Gustav Gorecki, Chief Innovation Officer at Storebrand.
This partnership has been a success story for Storebrand and its customers. Storebrand managed to attract and engage the younger generation and achieved significant growth in Savings Under Management. The collaboration has also improved customers’ financial wellbeing and increased both customer engagement and retention.