EXCLUSIVE – Grow Your Stack is the PFM app developed by MoneyLion in its latest attempt to make finance “fun.” And fun it is.
The feature , which goes live on Tuesday on iOS 11 (the version supported by the newest iPhone), can be found in the MoneyLion mobile app and allows users to see a visual of their “stack,” Tim Hong, Chief Marketing Officer at MoneyLion told Bank Innovation.
“Money is a mysterious commodity, but with this feature you can actually see what your money looks like,” said Hong.
“For example, say you have $5,000 in your savings account. Most of us don’t really know how that sum actually looks like,” Hong said. “This app gives our users that visual of what $5,000 looks when the bills are stacked on top of each other. The feature is fun and interactive, and that’s the fundamental of MoneyLion – to make finance accessible and fun.”
The feature especially makes sense for the company’s target audience, a large part of which consists of the young mobile-savvy millennials in the U.S. It is no secret that this group of people are fond of visual interactions given the impact of social media.
The feature, as shown in the video below, is based on augmented reality, the same technology that powers apps like Pokémon Go.
The feature doesn’t have practical applications yet, but those don’t seem too far off. Perhaps something liking tapping on the stack of cash in the AV to enable features such as payments, transfers etc, might be something in its future?
Hong would not comment on the specifics, but said “tangible applications of the feature,” are currently in the works.