{"id":61845,"date":"2025-04-30T03:02:08","date_gmt":"2025-04-30T03:02:08","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/61845\/"},"modified":"2025-04-30T03:02:08","modified_gmt":"2025-04-30T03:02:08","slug":"mobile-app-features-drive-engagement-and-loans","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/61845\/","title":{"rendered":"Mobile App Features Drive Engagement and Loans"},"content":{"rendered":"

LendingClub<\/a> is finding that its mobile app is reducing servicing costs, increasing interaction with members and boosting loan issuance.<\/p>\n

In the time since the company added a free credit monitoring tool called DebtIQ<\/a> to the app, it has seen 60% higher logins and a 30% increase in loan issuance among the enrolled members, LendingClub CEO Scott Sanborn<\/a> said Tuesday (April 29) during the company\u2019s quarterly earnings call.<\/p>\n

\u201cWe\u2019re currently working on new DebtIQ features to drive wider adoption, deeper engagement and even more issuance,\u201d Sanborn said.<\/p>\n

Part of that project will include incorporating artificial intelligence-powered spending intelligence<\/a> functionality from LendingClub\u2019s newly acquired app Cushion \u2014 a transaction that LendingClub announced Tuesday.<\/p>\n

LendingClub will also incorporate the credit card management<\/a> technology it added when it acquired intellectual property of Tally Technologies<\/a> in October, Sanborn said.<\/p>\n

The company also continues to improve its core personal loan offering, Sanborn said. For example, it enhanced its TopUp<\/a> product by making it easy for members to refinance their non-LendingClub loans. This joins the product\u2019s initial offering, which allows members to add an additional balance to an existing LendingClub loan as they refinance it.<\/p>\n

\u201cSo, as you can hear, we have multiple tools to drive continued efficient growth,\u201d Sanborn said.<\/p>\n

LendingClub is making these moves at a time when it saw its loan originations grow 21% in the first quarter to reach $2 billion, according to a Tuesday earnings release<\/a>.<\/p>\n

The company attributed this increase to its product and marketing initiatives as well as strong investor demand in its loan marketplace.<\/p>\n

Sanborn said during the call that there continues to be strong demand for debt consolidation.<\/p>\n

\u201cWhile a personal loan can be used for more than debt consolidation, there is a historically large credit card refinance opportunity that we are especially focused on penetrating,\u201d Sanborn said. \u201cThrough a combination of product and experience innovation and marketing, we\u2019re making great progress against our strategy with compelling proof points that it\u2019s working.\u201d<\/p>\n

LendingClub wrote in a presentation<\/a> released Tuesday in conjunction with the call that there is a \u201chistorically large total addressable market\u201d for the company because both total outstanding consumer credit and credit card interest rates are near historic highs.<\/p>\n

Looking ahead, LendingClub expects to see continued growth in originations, according to the presentation. The company\u2019s guidance calls for total originations to rise to $2.1 billion to $2.3 billion in the second quarter and greater than $2.3 billion in the fourth quarter.<\/p>\n

Sanborn said during the call that LendingClub\u2019s buyer demand, balance sheet capacity, total addressable market, marketing vehicles, product roadmap and other factors have it well positioned for any macroeconomic environment.<\/p>\n

\u201cIn a good environment, I would say we feel like we would really be set up to crush it,\u201d Sanborn said. \u201cIn a tougher environment, I think we\u2019re still poised to deliver.\u201d<\/p>\n

See More In: DebtIQ<\/a>, Digital Banking<\/a>, Earnings<\/a>, Lending<\/a>, LendingClub<\/a>, News<\/a>, PYMNTS News<\/a>, Scott Sanborn<\/a>, Tally Technologies<\/a>, TopUp<\/a>, What’s Hot<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"LendingClub is finding that its mobile app is reducing servicing costs, increasing interaction with members and boosting loan…\n","protected":false},"author":2,"featured_media":61846,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3159],"tags":[31897,31898,1830,31899,31900,547,12,3279,31901,31902,53,31903,16,15,3281],"class_list":{"0":"post-61845","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-mobile","8":"tag-debtiq","9":"tag-digital-banking","10":"tag-earnings","11":"tag-lending","12":"tag-lendingclub","13":"tag-mobile","14":"tag-news","15":"tag-pymnts-news","16":"tag-scott-sanborn","17":"tag-tally-technologies","18":"tag-technology","19":"tag-topup","20":"tag-uk","21":"tag-united-kingdom","22":"tag-whats-hot"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114424692231713257","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/61845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=61845"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/61845\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/61846"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=61845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=61845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=61845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}