MoneyLion, the digital ecosystem for consumer finance, has launched a new marketplace solution that enables consumers to search, apply for, and complete transactions across numerous third-party financial products, dubbed ‘MoneyLion Checkout’.
MoneyLion Checkout will enable consumers to complete financial transactions across hundreds of providers in real time without leaving the MoneyLion platform.
By integrating consumer and third-party data directly with MoneyLion’s financial services product partners, these providers can increase the number of their conversions, and expedite consumer onboarding. Whether a consumer is borrowing a loan, signing up for a credit card, starting a savings account or choosing among the dozens of other product categories MoneyLion offers, they will be able to complete the entire transaction within MoneyLion’s dynamic consumer marketplace.
“Consumers today expect financial product purchases to be as easy as any other digital shopping experience,” said Dee Choubey, co-founder and CEO of MoneyLion. “With MoneyLion Checkout, we’re making that a reality, further strengthening MoneyLion’s role as a trusted partner for every financial decision.
“And this isn’t just about simplifying the process for consumers. It’s about providing more precise consumer marketing and effective channel management for our marketplace partners. MoneyLion Checkout drives both volume and efficient customer acquisition costs by ensuring that financial institutions can reach the right consumers with personalised offers through our expansive distribution network.”
MoneyLion Checkout is already live and is available across MoneyLion’s marketplace of over 500 distribution channels, giving lenders and other partners access to a wide pool of qualified consumers, while improving overall funnel efficiency and consumer experience.
Simplifying verification and onboarding
Using consumer-permissioned data and third-party data sources, MoneyLion can verify millions of consumers and automatically pre-fill their application forms, reducing friction and simplifying the application process.
MoneyLion Checkout also streamlines the consumer prequalification process with hosted decisioning models from MoneyLion’s financial services partners, enhancing the ability of these providers to engage consumers with personalised offers and driving operational efficiency. These financial services partners can leverage MoneyLion’s AI-driven insights to better align their products with evolving consumer demand, enhancing the precision of their marketing efforts and embedding AI into the financial product purchasing journey.
Moneylion explained that all of these components come together within its ecosystem, providing a single platform where consumers can access personalised financial product offers while partners benefit from a high-intent, pre-qualified audience. Additionally, MoneyLion’s partnerships with Nova Credit, Plaid, and others, ensure that product providers benefit from a wide array of data sources, driving smarter financial decisions and smoother consumer prequalification.
MoneyLion revealed that initial results show that pilot partners significantly reduced data costs, increased customer application completion rates by 23.5 per cent, and boosted revenue by 31.4 per cent.
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