MoneyLion Growth

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History of MoneyLion App Features

OVERVIEW

MoneyLion is an online financial service that educates users on how to manage their finances and build their credit, while allowing their users to take advantage of social media to get loans that will help avoid overdraft charges and late fees.

2013

MoneyLion first launched its website in 2013 and, according to an archived copy of the first MoneyLion website, was primarily beta testing the product. They offered people the opportunity to sign up for updates on when the service is ready. MoneyLion advertised that they helped customers "access better financial products and improve long-term financial health through trust building."

2014

By 2014, the MoneyLion was fully functional, but the archived website did not mention an app.

Features

* Login to social networks such as FaceBook, Twitter, Instagram, Linkedin, and Google+ to build financial network and get social dollars
* Save hundreds on personal loans by getting endorsements from friends
*Flexible and continuously updating 360-degree view of customers accomplished by identifying patterns in "multi-level time-series variables to interact historical consumer behavior with current indicators to predict future behavior."
*Give users incentives to build good financial habits by allowing enabling them to go from "expensive credit to affordable credit habits" after showing financial responsibility
*Educational resources to help users improve their credit and financial habits.

2015

*If bank account and employment can be verified, users can receive funding in 15 minutes
*Users can monitor their spending and track their progress towards achieving their financial goals
* Users can get low rates on personal loans using a strong social network
* Users that make on time payments to build their reputation and improve their credit score

2016

An article posted by The Wall Street Journal, 2016 marked the launch of the MoneyLion app.

features

* Large, new credit lines became available
* Advise on when a loan might be necessary to avoid late fees and overdraft charges
* The ability for users to check their credit score for free
* Allows users to predict how their credit score will be affected by applying for, closing down, and paying down or off credit lines and loans

2017

The version history information on the Apple App Store Preview Page reveals features and improvements brought to the MoneyLion app in 2017 and 2018.

features

* Users can track the progress of their application
* Enhanced community experience
* Access to instant credit or loan offers
* "Grow Your Stack" an augmented reality feature that allows users to see their savings in stacks of cash
* MoneyLion Plus: Gives users access to $500 loans with 5.99% APR, automated savings, and daily $1 cashback bonuses, as well as "fully guided investment accounts
* Credit Builder: loan payments made on time are reported to credit bureaus
* Save for something special using Goals

2018

features

* Users are given the chance to win up to $2,000 and $10 bonuses, as well as "score major points" through referral programs.
* The opportunity to earn $25 gift cards
* Easier access to MoneyLion Plus with the new Plus tab
* Test financial knowledge in daily trivia
* Users have access to personalized financial advise daily
* Alerts to help avoid fees and fraud

conclusion

MoneyLion helps users improve their credit and get loans through social media, and helps users learn how to manage their finances. After the MoneyLion app was launched, users were given the opportunity to win real money and gift cards, as well as track their savings. Users were motivated to continue their good spending and saving habits by an augmented reality feature that allowed them to watch stacks of cash grow with their savings.
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MoneyLion’s Campaigns to Attract Users

Since it began marketing in 2015, MoneyLion has made concerted efforts to attract users and retain members through Facebook and Twitter promotions. These promotions included weekly raffles for redeemable points, referral bonuses, and the recent announcement of fee-less banking service. Below we have a timeline for these promotions, the company marketing focus, and links to marketing examples.

TIMELINE OF HOW MONEYLION ATTRACTED USERS

2013 to 2014

MoneyLion was founded in 2013. The company was not very active in its customer attraction efforts during its early stage development in 2013–2014. Furthermore, relatively little was known about the company in the public. Major business information services such as Bloomberg only offer vague descriptions saying that the company provides various business services. During this time, internal business development and app development seem to be the focus. MoneyLion was also working on attracting investors. The company’s online footprint only consists of job openings descriptions. 2015 MoneyLion’s first foray into social media marketing first started on February 6th, 2015 with post on Twitter. This tweet signifies the type of content marketing MoneyLion used. It gave tips for saving on health insurance, and it provides a link to their blog. During the rest of this year, the company continued to share financial advice with links to relevant blog posts on Facebook and Twitter. Most marketing for MoneyLion were offered through their social media, as that is where they are most active.

2016 The year 2016 marked the launch of MoneyLion’s mobile application and the start of their promotional campaigns. In this year, MoneyLion began offering rewards to its users in the form of 500 redeemable points, and later in the year offered free points for downloading their redesigned application. The company continued to post financial advice on its Twitter account in the form of articles and blogs throughout this year. 2017 In 2017, MoneyLion continued to leverage the tactic of offering redeemable points to potential users for simple tasks. It leveraged users to spread awareness of the brand. For example, in a Twitter promotion MoneyLion offered 2,500 points to 5 users for sharing a picture of how they track their expenses on the app. 2017 did not differ in terms of promotional platforms of Facebook and Twitter. Through their social media they continued to offer gift card giveaways and free redeemable points. However, in this year they offered a discounts on credit reports and began to use customer testimonials to promote on social media. MoneyLion also started including more references to pop-culture events. There is a noted increase in the development of MoneyLion’s strategy to target the middle class. The company has differentiated itself from most financial institutions, which target affluent customers who are just a small part of the market. The company and its investors believe that over 75% of America’s consumers are still under-served by financial services. It raised $42 million dollars to serve this segment. At the end of 2017 MoneyLion launched its MoneyLion Plus subscription service which offers a low APR rate and a $1 refund for each day a user logs into its mobile application. 2018 In 2018, MoneyLion continues to do raffles and giveaways, and uses customer testimonials discussing its MoneyLion Plus subscription to attract users. This year, the company is also promoting it’s new referral bonus program.

More importantly, it recently used social media to announce a checking account that claims to impose no fees. Specifically, this full banking service offers 0% cash advances, no-fee ATMs, and no overdraft fees. To promote this offering, MoneyLion is using the hashtag #LifeWithoutFees on social media.

CONCLUSION

Social media is the primary platform that MoneyLion has used to attract and retain customers since it started marketing in 2015. MoneyLion's primary tactic is using content marketing to share helpful financial advice with potential users on Facebook and Twitter. The company's primary target is the middle class, and it uses social media to offer no-fee features, referrals, bonus programs, and discounts.
Sources
Sources