MoneyLion’s Financial Heartbeat uses seamless design and AI to simplify how members track, understand and improve their financial health
NEW YORK, March 18, 2019 /PRNewswire/ — MoneyLion, America’s most powerful financial membership designed to help the hardest-working Americans save, borrow and invest, today launched the industry’s first health tracker for finances, the Financial Heartbeat. Similar to smartwatches and fitness wearables, the MoneyLion Financial Heartbeat simplifies the tracking and understanding of one’s financial wellness on their mobile device.
“At MoneyLion we understand that achieving your financial goals requires a steady and frequent engagement with your finances and a dedication to changing bad financial behaviors,” said Dee Choubey, CEO and Founder of MoneyLion. “Our Financial Heartbeat was inspired by the fitness industry’s widespread adoption of wearables and was innovatively adapted to help our members more easily track and manage the most important aspects of their finances.”
Behavioral economics show that consumers avoid engaging with their finances because they’re complex, difficult to take action on, and more often than not, leave people feeling stressed rather than inspired. Additionally, finances are the number one cause of stress among Americans, with 44 percent of Americans reporting being stressed about their finances.
To address these challenges, MoneyLion’s Financial Heartbeat combines a simple yet dynamic framework for monitoring financial health and empowers members to improve daily. By simply opening the MoneyLion mobile app and checking your Financial Heartbeat — a beautifully designed visual representation of a beating heart that changes colors to reflect progress on a scale from 1-10 — members can quickly evaluate where they are on their financial health journey.
The MoneyLion Financial Heartbeat encapsulates five key financial pillars: Save, Spend, Shield, Score and Strive, and surfaces daily insights to help members increase their scores.
- Save: Measures users’ savings and investments levels in real-time as it relates to their financial goals
- Spend: Provides certified financial planning level advice on whether users are overspending or are spending their money wisely
- Shield: Shows users how protected they are in event of emergency, including health, auto and life insurance protection
- Score: Provides credit, and credit score monitoring, and advice on how to build a users’ credit score
- Strive: Provides inspiration to users for building positive daily financial behaviors
Summarizing these pillars into a Financial Heartbeat score allows MoneyLion to incentivize members for improving their heartbeats and provides real-time recommendations for further achievements. MoneyLion’s Financial Heartbeat harnesses the power of AI-powered technologies to educate and encourage the growth, reap rewards for good habit formation, and ultimately redefine users’ relationship with money. It reflects what most people deep down understand – that money is not just a rational endeavor, but one that requires an emotional connection too.
“When it comes to finances, millions of Americans have lacked access to the basic financial products and tools required to build for tomorrow,” said Tim Hong, Chief Product Officer at MoneyLion.. “With the new MoneyLion Financial Heartbeat, we are going to change the way members interact with their finances to feel more confident about their financial well-being, and ideally, lead happier and healthier lives as a result of reduced financial stress.”
For more information about MoneyLion’s Financial Heartbeat, please watch the demo video:
MoneyLion is America’s most powerful and rewarding financial membership, empowering people to take control of their finances to achieve their dreams. Since its launch in 2013, MoneyLion has amassed 4 million loyal members and has earned its customers trust with new banking and investments capabilities that offer a one-of-a-kind rewards program, no-fee checking account, overdraft protection, and loans funded in 15 seconds or less. From a single application platform, users can get a holistic snapshot of their entire financial lives while having access to personalized tips and tools to improve their credit and achieve everyday savings. With the notion that good habits are formed over time, MoneyLion rewards users for each decision along that journey. The success of MoneyLion relies on finding ways to make the members’ money work as hard as they do. MoneyLion has offices in New York City, San Francisco, Salt Lake City and Kuala Lumpur, Malaysia. For more information, visit www.moneylion.com or download the app here.
MoneyLion’s affiliate, ML Wealth LLC, is a Registered Investment Advisor with the SEC. MoneyLion Plus members’ investments are protected by the SIPC (Securities Investor Protection Corporation) for up to $500,000. Brokerage services provided to clients of ML Wealth by Drive Wealth LLC, a member of FINRA/SIPC. Other services provided by our affiliates including ML Plus, LLC. This communication and all data are for informational purposes only and do not constitute a recommendation to buy or sell securities. Past performance is no guarantee of future results. Keep in mind investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money. Nothing in this communication should be construed as an offer, recommendation, or solicitation to buy or sell any securities or services.
VP, Corporate Communications
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