LENDINGCLUB
“ I would say we are a technology company … but we ' re a technology company with a banking charter , making us a fully-digital marketplace bank . We are something truly different . There are some direct-to-consumer banks , but we are becoming a digital marketplace bank at a time where there ' s a lot of change in consumer preference .”
Sanborn points out that , a decade or more ago , what drove customer preference for banking was the location of a bank branch . The landscape is now significantly different . “ Consumers now see banking as a thing you do , not a place you go , and they are increasingly saying that the strength of the mobile experience is what should be the driver of choice . So , our transition to digital banking is at a time when consumers are valuing the digital experience , and we can therefore provide a tremendous amount of value to our customers .”
The disruption of traditional lending LendingClub has a history of disruption within lending and Sanborn believes the disruption of traditional credit models has been long overdue because , fundamentally , it charges the customer far more than it should . “ If you look at credit cards as an example , credit card companies separate their customers into two categories .