TLDR:
- Fintech company MoneyLion has partnered with consulting firm EY to help banks keep up with the fintech revolution.
- MoneyLion’s infrastructure, including embedded finance offerings, will join EY’s core-banking modernization offerings and Nexus for Banking Platform.
Fintech company MoneyLion has teamed up with global consulting firm EY to assist banks in adapting to the changing fintech landscape. MoneyLion’s infrastructure, which includes embedded finance offerings, will now become a part of EY’s existing core-banking modernization offerings and Nexus for Banking Platform. Through this partnership, MoneyLion aims to enable any country, not just banks, to incorporate embedded financial services into their offerings.
Founded in 2013, MoneyLion claims to be “rewiring the American banking system” by providing a range of services, including credit and lending, investing (including crypto), insurance, and cash management. The company also offers a marketplace of services called “Engine” that can integrate to provide personalized offerings.
EY operates in nearly every country in the world and offers a range of services beyond tax and audit, including legal and strategic guidance. MoneyLion founder and CEO Dee Choubey described the partnership as the beginning of a more adaptive, responsive, and customer-focused banking experience. Nikhil Lele, Financial Services Consumer Banking Leader and EY-MoneyLion Alliance Leader, explained that the alliance will empower smaller or more traditional banks to scale rapidly and profitably with integrated digital financial solutions.
This partnership between MoneyLion and EY highlights the growing need for traditional banks to adopt new fintech offerings in order to remain competitive in the industry. By incorporating MoneyLion’s embedded finance services, banks will be able to provide their customers with more personalized and innovative financial products and services. This collaboration also demonstrates the broader trend of fintech companies partnering with established consulting firms to leverage their expertise and global reach.
