NEW YORK--(BUSINESS WIRE)--Mobile personal finance and consumer lending platform, MoneyLion, today launched new features designed to make the financial goals of its 1 million-plus users easier to achieve. As part of the launch, MoneyLion also redesigned its website and mobile app.
“Our mission is to bring our users closer to their financial goals by making money more approachable,” said Diwakar Choubey, CEO and co-founder of MoneyLion. “These new features address the widespread need among consumers for smarter tools that simplify and personalize financial advice, all the while making it easier to build better habits and make good financial decisions more consistently.”
MoneyLion is launching its new features to address the financial challenges consumers face today. A Federal Reserve study showed that 46 percent of Americans don’t have $400 saved for an emergency, and two-thirds of Americans were unable to pass a financial literacy test according to another study. MoneyLion’s new features have been designed to help users overcome these challenges by simplifying their day-to-day relationship with money and making it easier to build positive, sustainable financial habits.
MoneyLion has introduced the following new app features in a refreshed interface to help reduce the friction consumers face when it comes to their finances:
- Simple, data-driven advice, wherever you go: From the moment users open the MoneyLion mobile app, they receive personalized recommendations that encourage positive financial behaviors based on their individual spending habits and credit profile. These recommendations are refreshed daily with the user’s latest data to ensure they remain aligned to their current financial situation and objectives.
- Streamlined borrowing experience: MoneyLion’s personal loan process has been streamlined to improve speed, convenience and lower the cost of borrowing. Customers can receive a loan offer in as little as 15 seconds, access funds as quickly as the same business day, and now have even more options for reducing their interest rates.
- New ways to improve credit health: In addition to the free credit score already available to every user, MoneyLion now offers full credit reports from TransUnion® and Equifax, and access to credit counseling and repair options. Customers can also avoid credit surprises with expanded push notifications alerting them to changes to their credit.
“We want to be the financial GPS for Americans who are looking for guidance on how to become more resilient and better prepared to reach their financial goals,” added Choubey.
“We’re using AI and machine learning to power a uniquely personalized experience that helps simplify the complexity of finances. Through these updates, we aim to help our users prevent more immediate roadblocks, like overdraft fees or late payment fees, which tend to have lasting implications on their finances down the road.”
These latest updates build on the financial progress and behavioral changes users have already made with MoneyLion. According to data collected in 2016, MoneyLion has helped its users improve their financial health in the following ways:
- Customers have earned over $5 million in savings via MoneyLion’s rate reduction and rewards program, which enables users to earn points for demonstrating good financial behavior.
- Loan takers who make use of the platform’s free credit monitoring tools were 28 percent less likely to default.
- MoneyLion’s platform and products have helped customers save on average about $46 per month on overdraft fees. It’s estimated that these fees cost American consumers about $11 billion every year according to Banks.org.
- Users enrolled in MoneyLion’s credit health tools were 6 times more likely to see an increase in credit score than a decrease.
MoneyLion is a leading mobile personal finance and consumer lending platform that empowers consumers to take control of their financial lives through free spending, saving and credit tracking tools, and smarter credit products. Founded in 2013 by a team of leading technologists and financiers, MoneyLion uses superior analytics and machine learning-based risk technology to gain a 360-degree view of its users’ personal finances, enabling better underwriting and the development of tailored financial product offers. With its built-in system of referrals, points and rewards, MoneyLion endorses good financial behavior. MoneyLion is headquartered in New York with offices in San Francisco and Kuala Lumpur, Malaysia. For more information, visit www.moneylion.com or download the app here.