The economic climate has not been the kindest to consumers’ pockets over the last several years, as a cost-of-living crisis has impacted how people across the world have had to adapt to rising costs, leaving little room for money to be saved.
Yuval Shuminer, Co-Founder and CEO of personal finance management app Piere, tells Payment Expert on why millennials are missing out on saving upwards of $3,200 annually through alternative saving methods, and reveals why you should be constantly be looking to switch credit and bank accounts to find the best ratings that suit your needs.
Payment Expert: Firstly Yuval, for the uninitiated, could you briefly describe how Piere came to be and some of its core values and ambitions?
Yuval Shuminer: Piere was born out of a personal realisation I had while navigating the financial complexities of life in New York City. I found traditional money management tools and advice overly restrictive, outdated, and not aligned with how real people live their lives.
I envisioned a solution that didn’t force people to sacrifice things they enjoy, like a daily coffee, but instead empowered them to uncover financial opportunities they might otherwise overlook, like if they’re earning enough on their savings or if they’re losing money to predatory fees that financial institutions might charge. We realised that people were essentially leaving free money on the table by not managing their money in the right way, so it seemed like a no-brainer to help people access financial freedom, particularly during a time of economic difficulty.
We aim to make financial growth accessible and effortless for everyone, rejecting guilt-driven financial advice in favour of tools and insights that let users live their lives while achieving their goals.
PE: What are some of the key challenges millennials currently face when it pertains to money management and how is Piere resolving this?
YS: Millennials face unique challenges, including skyrocketing living costs, student debt, and social media-fueled financial pressures that create unrealistic expectations. Many rely on soundbites of superficial advice from “finfluencers” or outdated financial tools that don’t reflect the realities of today’s economy.
Piere addresses these challenges by simplifying money management through AI-powered insights tailored to each individual’s finances. We identify inefficiencies in spending, savings, and credit that can unlock real financial growth, averaging $3,200 annually per user. Our goal is to help users feel in control of their financial future without giving up life’s small pleasures.
PE: Why should not just millennials, but all bank account customers look to switch banks or credit card service providers?
YS: The financial landscape has evolved dramatically, and many consumers are leaving money on the table by sticking with outdated accounts or services. Banks and credit cards often offer vastly different rewards and interest rates, and without proactive management, customers miss out on opportunities like better cashback options or lower fees.
It can be hard to figure out the best option for you and your unique lifestyle, so we’re here to make sure people’s money is working hard for them.

PE: What elements go into ensuring that customers can spend smarter? How has this evolved over the generations prior?
YS: Spending smarter involves understanding where your money is going and whether it aligns with your goals and values. Previous generations often relied on manual budgeting or blanket financial advice, which lacked personalisation.
AI, when used correctly, can create tailored insights that are matched to individuals’ lifestyles and spending habits.
PE: How important is it to maintain a smooth user experience for millennials when it comes to managing finances and what technologies contribute to this?
YS: A seamless user experience is absolutely critical for millennials. They’ve grown up with intuitive, user-friendly apps in every area of their lives, and they expect the same when managing their money. A clunky or confusing interface can be a dealbreaker, no matter how powerful the app is.
We use AI, real-time data analysis, and user-centric design to ensure a smooth experience. Features like automated budgeting, visual financial progress tracking, and personalised notifications ensure that users stay engaged and take control of their finances.
PE: How much of an impact do customer perks/benefits have when millennials are looking to switch or remain with a bank or digital bank provider?
YS: Customer perks and benefits play a significant role in financial decision-making, especially for millennials. They look for tangible value, whether it’s cashback, travel rewards, or fee waivers: and for many, these incentives are more important than brand loyalty and override the difficulty of switching banks.
Piere helps users maximise these perks by recommending products that align with their spending patterns and financial goals: for example, if you eat out a lot, we might suggest a rewards card that specifically offers cashback for dining out. We oftentimes even “boost” those perks ourselves.

PE: With AI becoming increasingly more prevalent in banking, how can millennials and other generations use the technology to maintain a confident level of money management and overall financial wellbeing?
YS: AI is a game-changer in financial management, providing real-time, personalized insights that simply weren’t possible before. It shouldn’t be feared: millennials can use AI to automate tedious tasks like budgeting, identifying savings opportunities, and getting tailored advice within minutes.
You can even use AI to decode financial jargon – a real roadblock for people looking to take finance seriously – and make it easy to understand. What I’d caution against, however, is that standard Generative AI platforms can’t necessarily help you achieve this: they tend to give generic advice instead of the hyper-personalised insights that our AI can give you.
PE: Lastly Yuval, and thank you for your time, how likely are future generations going to look to alternative financial options, crypto for example, in order to secure their financial future?
YS: Future generations will increasingly explore alternative financial options, including crypto, but the adoption will depend on how these solutions evolve in terms of accessibility, regulation, and practicality. Tech will continue to offer new and innovative ways to make and manage money, and that phenomenon isn’t going away anytime soon. People will try to shake up the status quo with crypto, but we should focus more on how fintech can improve our everyday lives.