MoneyLion will combine TransUnion’s information and credit score options into its hosted enterprise credit-decisioning platform and direct-to-consumer finance instruments.
Leveraging TransUnion’s information will assist MoneyLion ship extra customized and related monetary provides, and in the end enhance the consumer expertise.
TransUnion additionally provides advertising and marketing, fraud, danger, and superior analytics instruments. The corporate showcased its Enchanced BreachIQ software at FinovateSpring earlier this 12 months.
Cell banking platform MoneyLion will likely be including customized touches to its consumer-focused services due to a partnership with TransUnion.
Underneath the settlement, MoneyLion will combine TransUnion’s information and credit score options into its hosted enterprise credit-decisioning platform and direct-to-consumer finance instruments. Through the use of the information from TransUnion, MoneyLion will be capable to ship extra customized and related monetary provides to its shoppers, which it expects will enhance the consumer expertise. For its half, TransUnion will see its credit score options develop their attain into not solely the MoneyLion platform, but in addition to its companion community.
TransUnion Government Vice President and Head of Monetary Companies Jason Laky mentioned that the partnership will drive effectivity and innovation within the business. “By integrating our complete credit score information with MoneyLion’s progressive digital acquisition platform,” he added, “we are able to supply a extra strong expertise to shoppers and our companions alike, making certain knowledgeable decision-making and higher shopper satisfaction.”
TransUnion was based in 1968 and entered into the buyer credit score reporting business in 1969. Since then, the Illinois-based firm has expanded its providers to supply advertising and marketing, fraud, danger, and superior analytics. As a part of its danger portfolio, TransUnion provides Enhanced BreachIQ, which it demoed earlier this 12 months at FinovateSpring. The know-how behind BreachIQ originated from Breach Readability, a fintech based by Jim Van Dyke that received Better of Present honors at FinovateSpring 2020.
New York-based MoneyLion, which was based in 2013, provides each direct-to-consumer banking instruments in addition to a market of embedded banking instruments, known as Engine, for companies. This enterprise know-how suite serves as a market for monetary merchandise, enabling monetary providers and non-financial providers firms alike so as to add embedded finance to their enterprise leveraging MoneyLion’s API.
“This partnership with TransUnion exemplifies MoneyLion’s dedication to making a dynamic digital shopper finance ecosystem the place shoppers can seamlessly entry the monetary instruments and insights they want, whereas additionally enabling monetary establishments to interact with prospects extra successfully,” mentioned MoneyLion Co-Founder and CEO Dee Choubey. “By integrating our main platform with TransUnion’s credit score information options, we are able to supply shoppers extra customized and related monetary merchandise that meet their distinctive wants at each stage of their monetary journey.”
Photograph by Christin Hume on Unsplash
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