EY and MoneyLion Form Alliance to Accelerate Bank Digital Transformation

On February 6, 2024, EY announced a strategic alliance with MoneyLion to help banks accelerate their digital transformation and extend financial services to customers. The partnership leverages MoneyLion's embedded finance platform, which provides tools for core banking modernization and enhanced customer engagement. EY contributes its extensive consulting and implementation capabilities, helping banks integrate MoneyLion's technology into their existing operations.

The alliance targets banks seeking to modernize their digital offerings without building technology in-house, offering a packaged solution combining strategic advisory with ready-made embedded finance infrastructure. MoneyLion's platform provides banks with digital financial tools and services they can offer to their customers, expanding their product portfolios. The partnership reflects a broader trend of major consultancies entering the embedded finance space to help traditional banks compete with digitally native competitors.

Financial terms of the alliance were not disclosed.