What is it: Dreams is an accurate name for an app that helps manage your finances so that you can actually achieve your dreams instead of dreaming about them.
How it works: After downloading the app, it prompts a manual/Facebook sign in before it links you up with your Bank ID and asks a series of questions. Unlike regular apps, the sign up process is relatively longer since it requires verifications and approvals on the user side. This is because money will be transferred from your account into the “dreams” that you are saving up for within this application.
Once completed, Dreams also gives you the option to save together with friends and customise the type of “dreams” you are aiming for. The app offers a “saving” coach and focuses on reducing wasteful purchases and modifying indulgent behavioural habits.
Best for: Shopaholics unable to restrain themselves.
Value Offering: Saving with friends is a feature unique in Dreams since it links multiple people with their own respective bank accounts together for the purpose of a common goal. As Dreams has branded itself to focus on the outcomes rather than the penny pinching process, it diverge from the traditional savings approaches in banks. There are some similarities in the concept of the Dreams to those of weight loss apps since both are driven by modifying users’ cognitive behaviours in order to reach a specific target.
Hype Level: The company was started in 2013 but it took some time before the founders found the Bank of Åland as a collaborator. Since then it has launched earlier this year with 3,000 signups in their beta version as reported by Digital.di.se.