Based on the European challenges addressed by Dyme’s innovation, the following four objectives have been formulated.
1 Decrease household debt for all Europeans.
Dyme’s aim is to give people complete control over their financial situations. Almost half of all Europeans younger than 65 years feel like they are living from paycheck to paycheck, with utility bills being one of the main areas of financial difficulty for European households. Dyme provides exactly this vulnerable group of Europeans the means to improve their situation. By providing a clear overview of all recurring expenses and enabling users to save with a single click, Dyme enables users to save up to €980.00 per year. These extra euros can be saved, invested or used to pay-off debts. Ultimately this will lead to less late payments on utility bills, less late-fees for deferred payments and an increased overall financial position for all Europeans that use Dyme.
2. Increase financial wellbeing for young Europeans
One of Dyme’s key objectives is to increase the financial wellbeing of young Europeans. This group has an increasing amount of debt and struggles to manage spending behaviour. One of the primary reasons young people get into financial problems is the lack of personal financial administration. According to one study conducted by the Dutch research institute Nibud, those in the age group 18-35 who did not track their own personal finances were twice as likely to have payment delays than those who did. Dyme makes financial tracking and administration accessible to all Europeans; providing a clear overview of income and expenses, as well as the ability to set budgets and notifications for income and expenses. In turn this enables Dyme’s users to increase their financial wellbeing in an open and accessible way.
3. Democratise financial opportunities
Dyme estimates that Europeans are missing out on €980.00 of financial opportunities every year. While these opportunities are not difficult to get, it is usually those who are less wealthy or tech-savvy who fail to realise these opportunities exist. The lack of a financial education, failed guidance in managing processes and lack of promotion of these opportunities is ultimately what causes this gap. To bridge this, Dyme provides all of its users with the same financial opportunities in a one-click experience. This enables underrepresented groups to achieve the same financial prosperity as others, ultimately reducing the European wealth gap.
4. Reach the objectives of the Europe 2020 strategy
109 million Europeans are currently at risk of poverty and social exclusion. While inclusive growth of the economy was set as a goal in the Europe 2020 strategy in 2010, this number has failed to be reduced to the goal of 96.2 million. Dyme decreases household’s debt, protects and educates young spenders and democratises financial opportunities throughout Europe. Fulfilling these objectives ultimately leads to more prosperous and financially secured Europeans, meaning that Dyme contributes towards the objectives of the Europe 2020 strategy
