The EY organisation has announced an alliance with MoneyLion to help drive growth within the banking sector. The Alliance leverages MoneyLion’s embedded finance platform to help enhance the technological capabilities of traditional banking institutions. By doing so, the Alliance aims to simplify and streamline the transition into the digital realm, assist these institutions in overcoming the challenges of an increasingly fragmented financial landscape and help facilitate their ability to offer a wide range of financial services to consumers through an efficient, user-friendly digital platform.

With MoneyLion’s embedded marketplace infrastructure and technology, data insights and content solutions combined with EY US teams’ existing core-banking modernisation offerings and Nexus for Banking Platform, the Alliance is designed to provide a comprehensive suite of FinTech solutions to help scale acquisition strategies and service models as well as foster organic growth and engagement within financial institutions’ customer base.

Partnership to “cater to the evolving needs of today’s digital consumer”

Nikhil Lele, Financial Services Consumer Banking Leader and EY-MoneyLion Alliance Leader, Ernst & Young LLP, said: “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, commented: “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.”

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By GlobalData