A Fitbit for Your Wallet
MoneyLion , the New York-based digital finance platform on a mission to help consumers take control of their financial lives, has launched Financial Heartbeat – the industry’s first health tracker for finances.
“Similar to smartwatches and fitness wearables,” MoneyLion’s Financial Heartbeat simplifies the tracking and understanding of one’s financial wellness on their mobile device. The new tool features 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. And Strive provides inspiration to users for building positive daily financial behaviors. The app then summarizes these pillars into a Financial Heartbeat score, which allows MoneyLion to incentivize members for improving their heartbeats and provide real-time recommendations for further achievements.
“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. 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.” – CEO and Founder of MoneyLion, Dee Choubey.
“When it comes to finances, millions of Americans have lacked access to the basic financial products and tools required to build for tomorrow. 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.” – Chief Product Officer at MoneyLion, Tim Hong.
