The collaboration, primarily orchestrated by EY's US division, involves the use of MoneyLion's embedded finance platform, which aims to expedite revenue and profitability growth for banking clients of EY through methods such as product-line expansion, diversification, and customer acquisition.
In essence, the main objective of this partnership is to enhance the efficiency of banks in their acquisition processes, facilitate personalised services at scale, and proficiently deploy digital platforms. By integrating MoneyLion's platform, EY aims to expedite and streamline banks' transition into the digital space, thereby aiding financial institutions in addressing the challenges posed by an increasingly fragmented financial landscape. According to fintechmanazine.com, the surge of neobanks and digitally enabled financial services operators has accentuated the need for banks to fortify their digital capabilities.
EY wants to level the competitive playing field by enabling all financial service providers to offer a spectrum of services to consumers through streamlined and user-friendly digital platforms. Officials from EY talked about the transformative potential of the EY-MoneyLion Alliance in the banking and financial services industry. They also highlighted the blend of EY's technological integration expertise with MoneyLion's innovative solutions as important in supporting a new enterprise strategy for the industry.
Furthermore, EY recognises the importance of modernisation not only in digitalising banks and financial services providers but also in improving the digital infrastructure for merchants and retailers. Through its partnership with MoneyLion, EY can offer embedded marketplace infrastructure, technology, data insights, and content solutions to its banking clients, thereby expanding its existing core banking modernisation offerings. This collaboration also aims to empower financial institutions to scale acquisition strategies, enhance service models, and streamline growth and engagement with customer bases.
Representatives from MoneyLion underscored the significance of the collaboration in driving innovation and transforming the banking and financial services industry. They also mentioned the combined strength of MoneyLion's technology and experience in setting a new standard for banks and financial institutions, enabling them to cater to the evolving needs of today's digital consumers.
In December 2023, Ernst & Young formed an alliance with Moody’s Analytics to help customers make data-driven decisions and manage risk.
To be specific, the EY-Moody's Alliance helped clients leverage data and analytics to understand their markets, customers, and operations. This allowed them to effectively measure and manage credit, market, liquidity, operational, actuarial, and environmental, social, and governance (ESG) risks.
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