LENDINGCLUB
Sanborn points to the flurry of global bank branch closures and the fact that certain demographics are penalised by the current system using auto loans as an example , although it is true of all credit . “ It ' s been long documented that women and minorities end up paying a higher price at the used car dealer for their financing than others . So , we ' re addressing some of those systemic inequities . But , primarily , we ' re making it easy to access low-cost credit that is structured in a responsible way .”
Becoming a digital marketplace bank has driven this process forwards . “ We don ' t have to support bank branches , which is another structural inefficiency . We don ' t have any of that – and it creates savings in our model . We also have the highly profitable marketplace and can pass those savings back to the consumer and still be highly profitable . The combinations of our bank , marketplace and large and loyal customer base is truly unique in banking .
The importance of digital partnerships LendingClub ’ s stratospheric success has been bolstered by the fintech ’ s robust network of partners . Currently , they are collaborating with a handful of partners including Persado , Experian , Narmi , TransUnion and Quad , all of which are providing essential services that aid LendingClub as it disrupts traditional banking .
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