MoneyLion offers a low-cost financial service tool that integrates investing, banking, lending, and financial wellness. Using the brand name RoarMoney, the company also offers a virtual debit card for contactless payments and Instacash with a free overdraft service. With Money Lion’s Shake N’ Bank program, customers earn cash every time they spend $10 or more with their bank card. To determine the amount they get back, users literally shake their phones and a random amount up to $120 shows up.
To guide financial wellness, the Financial Heartbeat program of MoneyLion rates customers from 1 to 10 on these categories:
1) Save measures financial preparedness; how well a person can pay expected and unexpected expenses.
2) Spend measures purchasing in relation income available.
3) Shield determines how well you understand and organize your insurance needs and coverages.
4) Score creates a Bottom of Formcredit score to assess overall credit health based on debt usage and interest rates paid.
For additional information on FinTech and financial wellness, click here.
Teaching Suggestions
- Have students talk to others to learn about the features of banking and money management apps they have used.
- Have students create a visual proposal (poster or slide presentation) for an app that would help people better manage their money and improve their financial wellness.
Discussion QuestionsÂ
- What features of an app or FinTech product might help people improve their financial wellness?
- Describe actions a person might take to evaluate an app or FinTech product.
Melissa Hart
Focus on Personal Finance, 7e 