Access to financial services has long been a challenge for many hard-working Americans, with over half of Americans reporting living paycheck-to-paycheck. Currently, here in the US, roughly 7 million people are reported as either unbanked or underbanked, meaning they’re often overlooked or underserved when it comes to seeking financial products or services when in times of need.
At Engine by MoneyLion, we are dedicated to alleviating this issue by providing consumers the necessary optionality, transparency, and entry points to financial services that they have often been excluded from given historically exclusive financial practices. By focusing on access to consumer financial products -- just one piece of the financial services landscape -- Engine by MoneyLion has been able to help businesses improve the financial lives of their consumers, promoting financial inclusion and wellness practices throughout their consumers’ entire financial journey.
Covering the Entire credit spectrum:
In today’s climate, on average, 76% of personal loan candidates are denied when applying for a loan - and credit cards represent an even higher rate of rejection in the US. This stems from the fact that individual lenders all have their own underwriting criteria and inputs that they use to accept or decline their loan applicants. This leaves consumers in a difficult position, having to shop across multiple lenders, apply several different times, and take even more hits to their credit score. Through its mission to become the definitive search, comparison, and recommendation engine for financial services, Engine by MoneyLion has been focused on providing all consumers with real-time, personalized, trusted financial products and services offers. In order to do this, Engine by MoneyLion has amassed the industry’s largest digitally connected network of financial services providers. This allows Engine by MoneyLion to cover the entire credit spectrum of consumers, from subprime to superprime, alleviating the need for consumers to shop across multiple platforms and increasing the likelihood of approval for consumers with less than ideal credit scores. Creating an environment of financial inclusivity has become a pillar of Engine by MoneyLion’s mission when assisting our partners in promoting the financial welfare of their underlying consumer base. While this is all nice in theory, it is important to understand how this endeavor performs when put into practice. When analyzing industry data compared to performance metrics of consumers seeking products through Engine by MoneyLion’s network, the numbers speak for themselves. Our analysis concludes that access to Engine by MoneyLion’s network dramatically outperformed standard industry data, especially for consumers shopping for products through a single financial institution. On average, consumers applying for financial products via Engine by MoneyLion’s network saw a 2.5 times greater approval rate than single lenders, which led to over 3 times the amount of funded loans. This is directly indicative of the breadth of optionality Engine by MoneyLion’s network provides to consumers. By being able to connect with the largest network of lenders, Engine by MoneyLion is able to help our partners’ consumers ranging from all credit backgrounds find financial products or services that not only meet their needs, but are personalized to their specific financial situation.
Access to financial services in times of need and times of excess:
At Engine by MoneyLion, we understand that the financial lives and financial journeys of our partners’ consumer base is going to vary person-to-person. Not all consumers are going to need or are struggling to find access to credit. Access to financial services across a consumer's entire financial life cycle is paramount to create an inclusive financial experience for all involved. In addition to the vast network of partners Engine by MoneyLion has amassed covering the entire credit spectrum, Engine by MoneyLion has also established financial marketplaces addressing consumer needs across the entire financial life cycle - ranging from products addressing consumers in times of need, as well as times of excess. In times of need, consumers might be looking for access to credit such as: personal loans, student loan refinancing, auto loan refinancing, or credit card offers. In times of excess, where consumers might have extra capital at hand, Engine by MoneyLion has established marketplaces offering access to high yield savings accounts, money market accounts, or life insurance products. As a result, Engine by MoneyLion has created a platform where Financial Services Providers can create multiple touchpoints with their consumers over several years and throughout their financial life cycle. In an increasing digital age, 70% of consumers prefer marketplaces as a one-stop-shop to manage their purchases and services; and Engine by MoneyLion has created an environment where our partners can provide that level of assistance to their customer base. This approach draws direct parallels to e-commerce giants like Amazon and Walmart, which both took similar approaches to 3rd-party sellers. By incorporating 3rd-party products into their ecosystems that they either could not support or provide, they were able to service more customers and maintain their relationships with those customers, rather than redirecting them to additional channels. This marketplace approach enabled them to create and promote an ecosystem that addresses their consumers’ needs in totality instead of the existing fragmented experience consumers had come to know.
Through its full credit spectrum offerings, Engine by MoneyLion has proven its commitment to improving the financial lives of its partners' consumers, creating an inclusive environment where all consumers can access the products that they need, when they need them. This not only includes covering the consumer spectrum, but creating an environment where banks and financial services providers can work cooperatively with one another, to better serve the needs of their customers. As Engine by MoneyLion continues to work with innovative fintechs aiming to democratize financial services, we can assist larger banks and providers through partnership opportunities creating an open and inclusive experience. Through these partnerships and consumer data and demographics, banks and financial institutions can better understand their customers behaviors and provide additional flexibility through their service models. Interested in embedding financial products into your business? Get in touch click here.
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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Even Financial [email protected]
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.