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Younited Coach: technology at the service of your purchasing power, for free

Product launch
22/09/22
Press release

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At a time when inflation is soaring and the purchasing power bill has yet to come into force, the vast majority of French households are having to tighten their belts. A study by the 60 Millions de Consommateurs association estimates that the average extra cost to absorb the general rise in prices is €90 per month for each household. To cushion this drop in purchasing power, Younited has launched Younited Coach, a free online solution to help you manage your spending and save money.

A Coach to better control your expenses

How much do you spend on insurance? Do you have hidden bank fees? Are your subscriptions to digital services competitively priced? Do you have the best offer for energy and telecommunications providers? To answer these questions, many consumers turn to their banking applications. However, these solutions are imperfect, with limited features and insufficient personalized assistance, making it challenging to identify concrete sources of savings or take actionable steps!

As revealed by the Younited - OpinionWay study "Les Français et l'inflation" conducted in August 2022, two-thirds of French people (64%) have already adjusted their buying habits since the beginning of the year due to rising prices. Of these, 45% have reduced their expenses, 27% have been forced to give up certain expenditures, and 23% have decided to postpone them. These adjustments apply to all French citizens, from three-quarters of the most modest households (75%) to half of the more affluent ones (50%).

In this context, closely monitoring expenses becomes essential for 42% of the French population. However, this imperative need faces a lack of tools, with 32% confessing to having no method for budget management. The methods used are mostly empirical, often manual (41% use a tracking notebook or spreadsheet).

To address these key challenges, Younited Coach offers a 100% free and highly personalized budgeting support service to help consumers better manage their expenses. This coaching solution relies on recent and unique technology in which Younited is a leader in Europe. It leverages secure and automated analysis of individuals' and/or households' bank account history (over the past 6 to 12 months), providing them with a comprehensive financial diagnosis. Conducted by artificial intelligence tools, this analysis is 100% objective and confidential, offering straightforward advice. While primarily targeting customers who have previously applied for credit with Younited, this free service remains accessible to everyone. By launching this free service, Younited aims to leverage its technology for greater financial inclusion, allowing all French citizens, regardless of their income, to better manage their money and regain conscious control over their financial decisions, in line with the recommendations of the latest OECD report on financial education.

« In practice, our customers and prospects give us 100% secure access to their banking history, enabling us to provide them with hyper-personalized advice for better budget management. We enable them to implement our recommendations in just a few clicks through our partner network... For example, some of our customers pay high bank fees, and we can guide them to banks with more affordable rates, specifying to the euro how much they will save. This is about making substantial savings to realize a project; in some cases, the monthly savings made can avoid unnecessary credit use! Our long-term goal is to better guide the consumer toward greater financial autonomy by providing regular assistance to improve daily spending habits. »
Geoffroy Guigou, COO, and co-founder of Younited

Technology for healthy income management

Thanks to Open Banking, Younited can secure users' consent to access transactions appearing on their bank accounts. This process is regulated by the European Payment Services Directive (PSD2), under the strict control of the Banque de France and the ACPR.

Younited then analyzes daily and compulsory expenses (such as rent and mortgage payments). In less than three minutes, a comprehensive diagnosis is offered. Users of Younited Coach will find proposals to change providers for savings (telecom operators, banks, energy suppliers, insurance companies, etc.) and numerous other personalized tips.

To support consumers and implement all these personalized recommendations, Younited Coach relies on a broad panel of commercial (Selectra, Panorabanques, Fortuneo, Magnolia.fr) and technological (e.g., Linxo Connect with their Account service, a 100% automated and secure transaction access API) partners. This free online coaching solution allows all users to save an average of €245** and up to €500 per year. To offer the most relevant and personalized recommendations, Younited's artificial intelligence technology can draw on a history of over 700 million operations, with an additional 50 million new data points added each month. New features aimed at promoting financial inclusion for the most vulnerable profiles will be activated by the end of 2022: for example, informing them of their right to the fee capping scheme (for vulnerable households), notifying affected profiles of the possibility of opening a more advantageous popular savings account than the Livret A.

« Today, I save €76 per month thanks to Younited Coach. I simply changed my insurance company and telecommunications provider. Younited Coach automatically found me better deals to optimize my budget. This solution has saved me a lot of time and is much better than any market comparator I used before. Since discovering how to save money daily and save more easily, I have regained the financial serenity I was missing to move forward with confidence. »
Jean François, user of this service