New investment services for millennials: AXA Investment Managers (AXA IM) and Stockholm-based fintech company Dreams entered into a strategic partnership. Certainly, this is in order to offer Millennial’s innovative investment services through Dreams’ mobile platform.
The new generation of savers
The partnership is based on the shared goal of driving investment innovation. That is way is needed a new focus on investment services for millennials. To clarify, this can help meet the specific needs of a new generation of savers and investors in an increasingly digital environment. Dreams focuses on retail and especially on millennials with its savings and investment offerings. Through the use of innovative technology, artificial intelligence and cognitive finance knowledge, they encoruge investors to invest money to fit their goals.
With the partnership, AXA IM becomes the exclusive provider of investment funds that specifically target millennials. The offer will be launched Europe-wide. Eventually it will be available in Germany, Belgium, France, Italy, the Netherlands and Spain.
The partnership will also create an “Innovation Lab”. Most imporyantly, the goal is to explore millennial savings and investment preferences. Learning more about the needs of the target group is a must. The point is helping them to make better investment decisions.
Do millennials invest?
“We are very pleased to be partnering with Dreams,” said Joseph Pinto, AXA IM Global Chief Operating Officer. “This partnership is a milestone in our digital strategy. With which, we want to open up new digital distribution channels – starting with one that targets millennials. Because they are already investing today. And we want to make investing easier for our clients”. A recent AXA IM survey  showed that young people need more financial knowledge.
“We believe the Dreams app can help them better understand the value of saving and investing to achieve their own life goals. This will prepare them for a better future through an innovative and simple customer experience. We look forward to combining our strengths and digital capabilities with Dreams. Meanwhile, we will always be innovating and learning from our partner how to serve our customers even better” continues Pinto.
The method has already been proven
“Our unique Dreams method has already proven itself in the Scandinavian markets,” adds Henrik Rosvall, CEO of Dreams. “There we can point to 300,000 users, which corresponds to 14 percent of the 20- to 40-year-old target group in Sweden. We have reached this number in less than two years. Women account for 69 percent of our users – and we’re very proud of that”.
How do millennials save?
According to Rosvall, the data provided by Dreams shows that customers save 135 euros more on the app each month than they did at their bank. “This shows that a customer-centric, behavior-based approach is effective when it comes to saving. We are proud that we have gained AXA IM as a partner for the expansion into Europe. AXA IM’s extensive knowledge, experience, expertise and rich product. It offers to make the Asset Manager a perfect match for our own offering. These are exciting times for Dreams. We look forward to offering more European countries the platform. They will be able to save as successfully as the Scandinavian ‘Dreamers’ today into this new investment services for millennials. “
Also published on Medium.