Product
2021-07-29
As Consumers Become Increasingly Digital, Financial Advisors Must Follow Suit
A pandemic-fueled recession only heightened the need for more automated, seamless financial services, which consumers can access anytime, anywhere. How will FAs meet the demand?
By: Abi Pereira, Associate Director, Product
In recent years, the personal finance industry has become increasingly digital across multiple touchpoints. During the COVID-19 pandemic, the proliferation of online banking was further catalyzed as a means to stay engaged with consumers when traditional pathways of engagement were closed.
As lockdowns went into effect, the number of consumers applying for financial products from their computer or mobile device increased, while the amount of foot traffic into physical banks went in the opposite direction. This almost overnight transformation forced longstanding financial institutions (both big and small) to adapt rapidly, while neobanks (i.e., “challengers”) were already well-positioned to capitalize.
Meanwhile, financial advisors (FAs) have been going through their own cultural metamorphosis. In light of the broader digital push in financial services, the days of FAs holding networking events at cocktail parties or in packed conference rooms have become numbered. To cater to younger generations especially, FAs are exploring more intimate, one-to-one interactions, where they can address specific client needs in a more comfortable, and often digital setting.
Digital Services — With a Human Touch
To thrive in this environment, FAs need to be equipped with the tools necessary to attract and retain clients who already have a wealth of financing and investing options available at their fingertips. While millennials are twice as likely to use robo-advisors compared to young baby boomers, and employ other digital services to automate their finances, there’s a good contingent that still covet a human touch when it comes to important financial decisions.
So how can FAs achieve this holistic approach? By integrating all the solutions they need via a platform like Salesforce, where Even recently launched its first plug-and-play app, ‘Financial Products for Salesforce — Powered by Even.’
Through Salesforce AppExchange, FAs can choose from a massive marketplace of ready-to-install apps, which combine with their CRM data to provide powerful, holistic digital solutions for their business. Even’s app is backed by machine learning and rich data sets, which are used to power real-time programmatic and personalized product offers from its financial institution partners.
The Power of Personalization
With ‘Financial Products for Salesforce — Powered by Even,’ FAs can expand their services to clients with personalized, pre-approved or pre-qualified financial product offers, all through one easy-to-use app. While investing guidance used to be the most common service associated with FAs, younger generations are now seeking help with a multitude of financial life events.
For example, using the Even app, FAs can help clients:
- Secure a personalized, pre-approved loan to consolidate debt
- Open a high-yield online savings account
- Apply for a term life insurance plan
By joining Salesforce AppExchange, Even is extending its services to FAs while allowing them to utilize existing contact data via the same Salesforce platform. FAs will be able to plug their clients into the largest connected network of premium financial services providers (including Goldman Sachs, SoFi, LendingClub, and more) across personal loans, student loan refinancing, savings, life insurance, and other financial products. Using the Even app, FAs can also benefit by monetizing through a variety of payment structures.
In addition to its abundant product offerings, ‘Financial Products for Salesforce — Powered by Even’ is backed by a comprehensive set of licenses to satisfy all regulatory requirements throughout the US. Even’s best-in-class compliance and programmatic monitoring helps ensure that services can be performed in a safe and secure environment.
Now that the pandemic has made everyone more conscious about their financial health, FAs have the opportunity to help clients be proactive about their finances with solutions customized to their unique situation. Even’s new app addresses a valuable piece of the puzzle, and will only grow in its reach as new products and partners are added to its ever-expanding digital network.
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MoneyLion
MoneyLion Wins “Best Financial Literacy Tool” and “Best API” at Benzinga’s 2022 Global Fintech Awards
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221214006032/en/
MoneyLion Communications [email protected]
Caliber Corporate Advisers [email protected]
Even Financial [email protected]
Built In
Even Named A Built In “2023 Best Places to Work”
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.