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Today: Jun 14, 2024

EY teams up with MoneyLion, pioneering digital evolution for banks

1 min read

TLDR: EY and MoneyLion have formed an alliance to accelerate digital transformation in the banking sector. The partnership will leverage MoneyLion’s embedded finance platform to enhance the technological capabilities of traditional banks. It aims to help these banks overcome the challenges of a fragmented financial landscape and streamline the transition into the digital realm. The alliance will provide a comprehensive suite of fintech solutions to help scale acquisition strategies and service models within financial institutions.

EY and MoneyLion have announced a new alliance to help banks accelerate their digital transformation and extend financial services. The partnership aims to leverage MoneyLion’s embedded finance platform to enhance the technological capabilities of traditional banks. By doing so, it aims to simplify and streamline the transition into the digital realm, help banks overcome the challenges of an increasingly fragmented financial landscape, and facilitate their ability to offer a wide range of financial services to consumers through an efficient, user-friendly digital platform.

The alliance combines MoneyLion’s embedded marketplace infrastructure and technology, data insights, and content solutions with EY’s existing core-banking modernization offerings and Nexus for Banking Platform. This comprehensive suite of fintech solutions is designed to help financial institutions scale acquisition strategies and service models, foster organic growth and engagement within their customer base, and drive innovation and growth within the banking sector.

Nikhil Lele, Financial Services Consumer Banking Leader and EY-MoneyLion Alliance Leader at Ernst & Young LLP, stated, “We are thrilled about the EY-MoneyLion Alliance’s potential to transform the banking and financial services industry. Our Alliance brings together deep experience of EY US in technology integration with cutting-edge solutions from MoneyLion, launching a new enterprise strategy for the industry. This will help empower smaller or more traditional banks to scale rapidly and profitably with integrated digital financial solutions.”

Dee Choubey, Founder and CEO of MoneyLion, expressed his excitement about the alliance, saying, “Our Alliance with EY US represents not only a stride in innovation but a continued commitment to transforming the banking and financial services industry. With the combined strength of MoneyLion’s technology and experience, we are setting a new standard for what banks and financial institutions can achieve and helping them change the way they engage with and cater to the evolving needs of today’s digital consumer. This marks the beginning of a more adaptive, responsive, and customer-focused banking experience, where technology and human-centricity go hand-in-hand to create a seamless financial experience for every user.”