Increased Digitization and Customer Loyalty in Financial Services
The numbers are stark: as of 2022, 65.3% of Americans use digital banking services. This number includes 80% of millennials but only 48% of baby boomers, which may hint at a more significant shift as more and more consumers rely on digital financial services.
For consumers, this increased reliance on digital financial solutions offers incredible opportunities. They can compare financial services and banking offers from multiple sources, ultimately selecting financial services based on convenience, customer service, and value.
However, that expanded reach comes at a significant expense. Brand loyalty is shrinking, and financial services providers are challenged to retain existing consumers. It's easier than ever for consumers to find new and better deals. The result is that these providers must expand their product offerings, enhance their value, and make it easier for consumers to stay than to look elsewhere.
The Splintering and Digitizing of Financial Services
As recently as a few decades ago, consumers would do all their banking with a single provider. Those days are long gone. Today, the average American household has accounts with five different banks. This astonishingly high number demonstrates that Americans don't value brand loyalty to the same extent that they once did. Instead, they want the best deals and products.
One of the top drivers of this trend is the internet. Most consumers use online banking to check account balances, transfer money, and pay bills. In addition, more than half of all Americans apply for credit cards, investment services, loans, or mortgages online.
How Financial Firms Can Respond
Financial services providers must identify new ways to reduce this digital fragmentation. Some options include:
The Advantages of Digital Services
Digital financial services have become exceptionally popular. According to a 2021 survey, 88% of American consumers use fintech solutions, equaling over a hundred million American adults. Perhaps most striking is the overall trend; in 2020, these numbers were at a mere 58%. The COVID-19 pandemic pushed more Americansto become comfortable with digital financial services. As with most technological innovations, this trend will only accelerate with time.
This reality is also reflected in the fact that 27% of Americans use online-only banks. Tens of millions of consumers do not require a physical bank presence, unmooring traditional financial relationships and forcing banks to recalibrate how they do business and gain new customers. To be clear, this is not to say that physical banks are becoming obsolete. However, it does speak to the reality that increased digitization has made people more comfortable handling their finances online.
This change in consumer habits presents an opportunity for businesses to help their customers find new financial products to meet their needs. By helping to provide consumers with increased financial solutions using technology, any business can position itself to maintain their customer base, while increasing engagement and lifetime value.
Partner With Engine by MoneyLion
Building brand loyalty continues to be the primary way financial services providers reach their next level of success. What has changed is how brand loyalty is built.
Expanding consumer convenience and third-party offerings is one way to build consumer loyalty in an increasingly digitized age. At Engine by MoneyLion, we have developed an extensive range of embedded financing marketplaces, allowing any company to add financial products to their business. By adding these marketplaces to your website, mobile app, and other pre-existing digital tools, we enable you to offer your consumers access to more financial tools and services, including those you might not be able to provide on your own. Engine by MoneyLion's platform can enhance your company’s value by ensuring consumers can access the financial products and services they need.
Interested in how Engine by MoneyLion can make you more competitive in this increasingly digital age? Contact us today.
Disclaimer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Engine by MoneyLion product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Engine by MoneyLion through hyperlinks, from third-party websites, are provided for informational purposes only. While Engine by MoneyLion finds these sources to be accurate, it does not endorse or guarantee any third-party content.
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MoneyLion’s consumer and enterprise businesses were recognized as winners of Benzinga’s 2022 Global Fintech Awards at this year’s Fintech Deal Day
New York, December 14, 2022-- MoneyLion Inc. (“MoneyLion”) (NYSE: ML), the go-to destination for personalized financial content, products and advice, is proud to announce that it has been named “Best Financial Literacy Tool” at Benzinga’s 2022 Global Fintech Awards. MoneyLion’s enterprise business, Even Financial, was also named as the winner for “Best API.”
MoneyLion and Even Financial were honored alongside other top Fintechs, banks, research companies and more. MoneyLion’s consumer business continues to push financial literacy through innovative and personalized content. With the MoneyLion app, users can view personalized financial content in short-form video format and receive personalized financial product recommendations such as loans, insurance and investing. As MoneyLion’s enterprise offering, Even Financial digitally connects and matches consumers with real-time personalized product recommendations from banks, insurance carriers, and Fintech companies on mobile apps, websites and other digital touchpoints through its financial product search engine and Embedded Finance Marketplace technology. This technology powers both the MoneyLion Marketplace, in the MoneyLion app, as well as more than 1,000 enterprise partners.
“We’re thrilled MoneyLion’s consumer and enterprise businesses were recognized by Benzinga,” said Dee Choubey, Co-Founder and CEO of MoneyLion. “Both awards showcase MoneyLion’s every time you money approach to helping our customers. The financial literacy gap is a huge problem for millions of Americans and we remain committed to reducing its effects through engaging, informative content and key partnerships designed to bring an elevated educational experience to all.”
These awards follow the October announcement of MoneyLion University, where MoneyLion launched its latest initiative aimed at closing the gap in money and financial education across the United States.
“We could not be more pleased with Benzinga’s recognition of our company’s API technology,” stated Phill Rosen, CEO and Founder of Even Financial. “Our technology natively integrates real-time credit decisions and product recommendations from the industry’s largest network of connected financial services providers, offering access and choice to consumers searching for financial products. Our elegant Embedded Finance Marketplace, API and search engine enable any company to add trusted, personalized financial products and services to their business, reaching people when and where they need it.”
Even Financial has been named a listmaker for the Benzinga Global Fintech Awards for the last two years and was a previous award winner. In 2021, Even was selected as a listmaker for Best API and, in 2020, selected as a listmaker for both Best API and Best API Platform. In 2019, Even was awarded the Benzinga Rocky Award.
The annual Benzinga Global Fintech Awards take pride in recognizing and honoring the companies and individuals who are propelling the Fintech and financial services industry forward with the most impressive technology advancements and innovations. A panel of industry experts from a wide range of companies reviewed and judged the nominations. Winners were announced at Benzinga’s Fintech Deal Day on December 8, 2022, where MoneyLion’s Chief Customer Officer Cynthia Kleinbaum spoke on the panel, Expert Growth Hacks For Reaching Underserved Markets.
About MoneyLion MoneyLion is the go-to destination for personalized financial content, products and advice. MoneyLion’s mission is to rewire the financial system to positively change the path of every hard-working American. MoneyLion uses its proprietary data advantage and technology to empower its customers. MoneyLion engages and educates its customers with daily, hyper-personalized money-related and money-adjacent content that is delivered through each customer’s own content feed. MoneyLion provides its customers a full suite of financial and non-financial solutions, bundling its proprietary, low-cost financial products with products that are offered through its marketplace technology and network affiliate partners. MoneyLion also leverages its distinct data, technology, and network advantages to deliver leading embedded finance and marketplace solutions for enterprise customers. Since its founding in 2013, MoneyLion has empowered millions of Americans to take control of their finances and live their best financial life, every day.
For more information about the company, visit https://www.moneylion.com/ and https://www.evenfinancial.com. For investor information and updates, visit investors.moneylion.com and follow @MoneyLionIR on Twitter.
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New York, Jan. 11, 2023 -- Even Financial ("Even"), an independent subsidiary of MoneyLion Inc. (NYSE: ML), and a leading embedded finance marketplace platform, is proud to announce that it was honored in Built In’s “2023 Best Places To Work” Awards. Specifically, Even earned a place on the Hybrid Best Places to Work in New York.
The Best Places to Work Awards, now in its fifth year, honors companies across numerous categories, sizes, remote-first employers as well as in person and hybrid working companies across the U.S.
Built In determines the winners of Best Places to Work based on an algorithm, using company data about compensation and benefits, and also weighs criteria like remote and flexible work opportunities, as well as other people-first cultural offerings.
This announcement follows Even’s recent win at the Benzinga Global Fintech Awards for “Best API.”
About Even Financial
Even is the industry-leading embedded financial marketplace and independent subsidiary of MoneyLion Inc. (“MoneyLion”) (NYSE: ML). MoneyLion is a leading digital financial services and lifestyle content platform serving both consumer and enterprise customers. As part of MoneyLion’s enterprise offering, Even digitally connects and matches consumers with real-time, personalized financial product recommendations from banks, insurance carriers, and fintech companies on mobile apps, websites, and other digital touchpoints through its marketplace technology. Even's infrastructure leverages machine learning and advanced data science to solve a significant pain point in financial services customer acquisition, seamlessly bridging financial services providers (such as SoFi) and channel partners (such as TransUnion) via its industry-leading API and embedded finance marketplaces. Even enables any company to add financial products to its business, with full compliance and security at scale. Even was named one of "America's Best Startup Employers'' by Forbes for 2022 and was named to the 2021 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world. Learn more at www.evenfinancial.com and investors.moneylion.com.