MoneyLion has added a premium membership offer and an artificial intelligence-based search feature to its personal finance management platform.
New solutions related to the functional component and the concept of customer interaction are designed to support the dynamic of the growth of the specified platform. Over the past year, MoneyLion’s customer base has more than doubled. Currently, the number of users of the financial management platform is 14 million people. The relevant information is contained in MoneyLion’s earnings report, which was published last Thursday, March 7.
It is also known that the number of customer inquiries received through the financial management platform over the past year has shown an increase of 78% compared to 2022, amounting to 205 million. This information was announced by MoneyLion CEO Dee Choubey during the company’s quarterly earnings report. Separately, he noted that the firm’s results over the past year are evidence of the scaling of customer participation in the brand’s financial services marketplace.
Dee Choubey stated that his company’s solutions for the marketplace, technological advantages, products for gaining customers, and monetization have become a kind of gateway to the financial services market of the United States.
The firm launched its premium membership offer called MoneyLion WOW after a couple of quarters of beta testing of this solution. The cost of this option for interacting with the financial management platform is $9.99 per month. As part of the mentioned solution, customers are offered exclusive benefits, including cashback on first- and third-party products. Participants of the premium membership program can receive benefits worth up to several hundred dollars per year.
It is expected that as a result of the launch of a new format for customer interaction with the financial management platform, MoneyLion will be able to increase the total volume of the company’s addressable market. Also, this decision can potentially become a factor of positive impact on the firm’s revenue indicator. Furthermore, premium membership will speed up the process of launching new products. It is also likely that the new format of the company’s interaction with customers will deepen the corresponding interplay. Moreover, premium membership will be a factor in increasing the level of loyalty from consumers.
Dee Choubey stated that any WOW participant will receive a very clear incentive to consolidate their financial life with MoneyLion. He noted that the company strives to become the most reliable marketplace for making decisions related to the use of finance. Dee Choubey also stated that WOW membership is a step in the corresponding direction, which provides unique value at a great price.
MoneyLion has improved the search function on its financial management platform by introducing generative artificial intelligence technology. Dee Choubey said that AI will provide customers with information that helps them make more informed and expedient decisions related to spending, saving, borrowing, and investing. Artificial intelligence will also recommend to consumers financial offers and products that will best meet their material needs and personal budget capabilities.
Dee Choubey noted that MoneyLion develops the basic underlying technologies and data structures that allow customers to effectively manage their money.
As we have reported earlier, Salesforce Announces New AI Solutions for Doctors.
