Product
2021-07-29
As Consumers Become Increasingly Digital, Financial Advisors Must Follow Suit
A pandemic-fueled recession only heightened the need for more automated, seamless financial services, which consumers can access anytime, anywhere. How will FAs meet the demand?
By: Abi Pereira, Associate Director, Product
In recent years, the personal finance industry has become increasingly digital across multiple touchpoints. During the COVID-19 pandemic, the proliferation of online banking was further catalyzed as a means to stay engaged with consumers when traditional pathways of engagement were closed.
As lockdowns went into effect, the number of consumers applying for financial products from their computer or mobile device increased, while the amount of foot traffic into physical banks went in the opposite direction. This almost overnight transformation forced longstanding financial institutions (both big and small) to adapt rapidly, while neobanks (i.e., “challengers”) were already well-positioned to capitalize.
Meanwhile, financial advisors (FAs) have been going through their own cultural metamorphosis. In light of the broader digital push in financial services, the days of FAs holding networking events at cocktail parties or in packed conference rooms have become numbered. To cater to younger generations especially, FAs are exploring more intimate, one-to-one interactions, where they can address specific client needs in a more comfortable, and often digital setting.
Digital Services — With a Human Touch
To thrive in this environment, FAs need to be equipped with the tools necessary to attract and retain clients who already have a wealth of financing and investing options available at their fingertips. While millennials are twice as likely to use robo-advisors compared to young baby boomers, and employ other digital services to automate their finances, there’s a good contingent that still covet a human touch when it comes to important financial decisions.
So how can FAs achieve this holistic approach? By integrating all the solutions they need via a platform like Salesforce, where Even recently launched its first plug-and-play app, ‘Financial Products for Salesforce — Powered by Even.’
Through Salesforce AppExchange, FAs can choose from a massive marketplace of ready-to-install apps, which combine with their CRM data to provide powerful, holistic digital solutions for their business. Even’s app is backed by machine learning and rich data sets, which are used to power real-time programmatic and personalized product offers from its financial institution partners.
The Power of Personalization
With ‘Financial Products for Salesforce — Powered by Even,’ FAs can expand their services to clients with personalized, pre-approved or pre-qualified financial product offers, all through one easy-to-use app. While investing guidance used to be the most common service associated with FAs, younger generations are now seeking help with a multitude of financial life events.
For example, using the Even app, FAs can help clients:
- Secure a personalized, pre-approved loan to consolidate debt
- Open a high-yield online savings account
- Apply for a term life insurance plan
By joining Salesforce AppExchange, Even is extending its services to FAs while allowing them to utilize existing contact data via the same Salesforce platform. FAs will be able to plug their clients into the largest connected network of premium financial services providers (including Goldman Sachs, SoFi, LendingClub, and more) across personal loans, student loan refinancing, savings, life insurance, and other financial products. Using the Even app, FAs can also benefit by monetizing through a variety of payment structures.
In addition to its abundant product offerings, ‘Financial Products for Salesforce — Powered by Even’ is backed by a comprehensive set of licenses to satisfy all regulatory requirements throughout the US. Even’s best-in-class compliance and programmatic monitoring helps ensure that services can be performed in a safe and secure environment.
Now that the pandemic has made everyone more conscious about their financial health, FAs have the opportunity to help clients be proactive about their finances with solutions customized to their unique situation. Even’s new app addresses a valuable piece of the puzzle, and will only grow in its reach as new products and partners are added to its ever-expanding digital network.
Disclaimer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Even Financial product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Even Financial through hyperlinks, from third-party websites, are provided for informational purposes only. While Even Financial finds these sources to be accurate, it does not endorse or guarantee any third-party content.
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Even Financial Adds Tally's Low-Interest Line of Credit to its Embedded Finance Marketplace
NEW YORK, NY, March 15, 2022 -- Even Financial ("Even"), the category-leading embedded finance marketplace and independently managed subsidiary of MoneyLion, Inc. (NYSE: ML), has announced a new partnership with Tally, a leading financial automation company, to include the company's low-interest credit offerings on its platform.
"Tally has built a powerful tech-enabled system to help people solve one of the biggest financial problems today: paying off credit card debt," said Phill Rosen, Founder and CEO of Even. "We're thrilled to welcome Tally's line of credit offerings to Even's unparalleled network of financial services providers."
Tally is designed to help its members pay off their debt faster and save them money on interest and late fees. Members can lower their monthly payment with Tally's lower-interest line of credit, if eligible. Typically, at least a 580 FICO score is needed. Tally's system is customized to save people as much money as possible.
"Americans today owe nearly $1 trillion in credit card debt. We know from our research that many want to pay down their debt but struggle to get started. That's where Tally comes in," said Jason Huynh, VP of Credit, Analytics & Operations at Tally. "Our system combines financial automation with a low-interest line of credit to give people the help they need to get on track to pay off their credit card debt for good. We're thrilled that our partnership with Even will allow Tally to help even more people."
The launch of Tally on the Even platform enables consumers to get matched with Tally's custom, low-interest line of credit accounts of up to $25,000 in just a few minutes. After getting matched, eligible consumers complete the process through the Tally app. There are no out-of-pocket costs.
Tally is the latest partner to join the Even marketplace, a growing network of over 400 financial services partners and 500 channel partners covering a breadth of financial services including loans, credit cards, mortgages, savings, and insurance products. Even's marketplace technology enables any company to add financial products to its business, with full compliance and security, at scale.
About Even Financial
Even digitally connects and matches consumers with real-time, personalized financial product recommendations from banks, insurance carriers, and fintech companies on mobile apps, websites, and other digital touchpoints through its marketplace technology. Even's infrastructure leverages machine learning and advanced data science to solve a significant pain point in financial services customer acquisition, seamlessly bridging financial services providers (such as SoFi) and channel partners (such as TransUnion) via its industry-leading API and embedded finance marketplaces. Even enables any company to add financial products to its business, with full compliance and security at scale. Even was named one of "America's Best Startup Employers'' by Forbes for 2021 and was named to the 2021 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world. Learn more at www.evenfinancial.com.
About Tally
Tally is a consumer financial tech company pioneering full-service financial automation to help people save money, pay down their debt and reach their goals sooner. Founded in 2015, the company built the first fully automated debt manager to help put billions of dollars back in people's pockets. In 2021, Tally was named to Fast Company's Most Innovative Companies list and to Quartz's Best Companies for Remote Workers. Previously, Tally made Forbes' Next Billion Dollar Startup list, Forbes' Fintech 50 list, and the app won Real Simple's Smart Money award. Learn more at meettally.com.
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Even
Even Financial’s Embedded Finance Marketplaces Surpass $5 Billion in Credit Facilitated
NEW YORK, NY, April 19, 2022 -- Even Financial (“Even”), the category-leading embedded finance marketplace and independent subsidiary of MoneyLion, Inc. (NYSE: ML), has announced it has now facilitated over $5 billion in consumer credit, as of March 2022. Leveraging machine learning and advanced data science, Even solves a significant pain point in financial services customer acquisition by seamlessly bridging financial service providers and channel partners via its industry-leading API and embedded finance marketplaces.
“Surpassing $5 billion in consumer credit facilitated through our marketplace is an enormous achievement for Even as we continue to help build the future of finance technology,” said Phill Rosen, Founder and Chief Executive Officer. “Access to credit has long been a challenge for many hard-working Americans, and we are dedicated to alleviating this issue by providing consumers personalized financial services offers that meet their needs, when they need it most. Reaching the $5 billion milestone reaffirms that our mission is driving significant value for both consumers and our partners."
Even has grown its embedded finance marketplace offerings beyond loans to cover a breadth of additional financial services including credit cards, mortgages, savings, and insurance products. Within loans, Even offers the largest network of premium, connected loan providers - across a wide array of products including unsecured personal loans, secured personal loans, line of credit, student loan refinancing, and auto loan refinancing. Leading financial services providers, such as LendingClub and SoFi, partner with Even to reach qualified consumers searching for loans, benefiting from Even’s unparalleled network and native integrations.
The company has continued its rapid growth trajectory in 2022, growing its network to include over 400 financial services partners and 500 channel partners. Even's marketplace technology enables any company to add financial products to its business, with full compliance and security at scale. Earlier this year, Even announced the close of its acquisition by MoneyLion, the award-winning digital financial platform, which will continue to advance their combined efforts of providing financial access and advice to hard working Americans.
About Even Financial
Even digitally connects and matches consumers with real-time, personalized financial product recommendations from banks, insurance carriers, and fintech companies on mobile apps, websites, and other digital touchpoints through its marketplace technology. Even's infrastructure leverages machine learning and advanced data science to solve a significant pain point in financial services customer acquisition, seamlessly bridging financial services providers (such as SoFi) and channel partners (such as TransUnion) via its industry-leading API and embedded finance marketplaces. Even enables any company to add financial products to its business, with full compliance and security at scale. Even was named one of "America's Best Startup Employers'' by Forbes for 2022 and was named to the 2021 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world. Learn more at evenfinancial.com.
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