Ernst & Young (EY), one of the ‘big four’ consultancy firms, has allied with leading enterprise and consumer fintech company MoneyLion. The partnership is designed to bring further support to banks in their digital transformation and financial services modernisation initiatives.
Specifically, EY’s US division will leverage MoneyLion’s embedded finance platform to accelerate revenue and profitability growth for its banking clients through product-line expansion, diversification and customer acquisition.
The aim is to make banks more efficient in their acquisition processes, ensure they can offer personalisation at scale and effectively deploy digital platforms.
EY: Accelerating digital banking transformation
By onboarding MoneyLion’s platform, EY is hoping to fast-track and streamline banks’ transition into the digital age, helping financial institutions overcome the challenges of an increasingly fragmented financial landscape.
Indeed, the proliferation of neobanks and other digitally-enabled financial services operators has created a rift in the market, where the digital capabilities of some organisations far outstrip other, often more traditional banks.
Now, EY – as one of the world’s leading consultancies – hopes to level the playing field, making sure all financial services providers can offer a range of services to consumers through efficient, user-friendly platforms.
Nikhil Lele, Financial Services Consumer Banking Leader and EY-MoneyLion Alliance Leader, EY, says: "We are thrilled about the EY-MoneyLion Alliance’s potential to transform the banking and financial services industry.
“Our Alliance brings together a 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."
What’s more, digitalisation across banks and financial services providers is not the only arena where EY sees an immediate need for modernisation.
Recently, we spoke to EY’s Managing Director of Financial Services Consulting, Patricia Partelow, who sees a need for financial digitalisation for merchants and retailers.
“We must help merchants offer their customers the greatest number and most relevant payment method choices possible,” she says.
To offer these services, merchants need to partner with and invest in the right payments firm.
It’s clear, then, that EY is working both angles to help drive a digital future in financial services: working to digitise for banks and financial institutions so the right kind of payments tech merchants leverage is compatible with their bank, across all stages of the money transfer process.
Indeed, as more banks scale their acquisition drives, a greater fintech-powered ecosystem can be achieved – all of which drives greater user experience for customers.
The MoneyLion connection
Now partnered with MoneyLion, EY can offer embedded marketplace infrastructure and technology, data insights and content solutions for its banking clients.
This service can be combined with EY’s existing core-banking modernisation offerings and its Nexus for Banking Platform (see video above).
In this way, the alliance can help financial institutions scale acquisition strategies and service models, as well as foster organic growth and engagement with customer bases.
Dee Choubey, Founder and CEO of MoneyLion, adds: "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.”