{"id":20644,"date":"2016-11-18T17:58:26","date_gmt":"2016-11-18T22:58:26","guid":{"rendered":"https:\/\/digital.hbs.edu\/platform-rctom\/submission\/p2p-lending-lendingclubs-sprints-stumbles\/"},"modified":"2016-11-18T18:48:44","modified_gmt":"2016-11-18T23:48:44","slug":"p2p-lending-lendingclubs-sprints-stumbles","status":"publish","type":"hck-submission","link":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/p2p-lending-lendingclubs-sprints-stumbles\/","title":{"rendered":"P2P Lending: LendingClub\u2019s Sprints &amp; Stumbles"},"content":{"rendered":"<p>Peer-to-peer lending \u2013 or \u201cP2P lending\u201d in Silicon Valley and Wall Street parlance \u2013 has set its sights on disrupting the massive $3 trillion consumer credit industry by unleashing the power of digitalization on financial services. [1] Within the space, LendingClub is the poster child and boasts status as the world\u2019s largest online credit marketplace, claiming an impressive $22.7 billion of originated loans since 2009. [2] Its board includes a curated collection of financial leaders, including Mary Meeker and John Mack, as well as Larry Summers, who is quoted on the company\u2019s website as proclaiming:<\/p>\n<p><em>\u201cLendingClub\u2019s platform has the potential to profoundly transform traditional banking over the next decade.\u201d <\/em>[3]<\/p>\n<p><a href=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/1-18.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-20359\" src=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/1-18.png\" alt=\"1\" width=\"658\" height=\"261\" srcset=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/1-18.png 877w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/1-18-300x119.png 300w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/1-18-768x305.png 768w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/1-18-600x238.png 600w\" sizes=\"auto, (max-width: 658px) 100vw, 658px\" \/><\/a><\/p>\n<p>Source: LendingClub.<\/p>\n<p>Fundamentally, LendingClub is an online marketplace that tends to two primary stakeholders: borrowers and lenders, and has carefully crafted a value proposition for both constituencies.<\/p>\n<ul>\n<li>For borrowers, LendingClub\u2019s menu of credit products, including personal loans, auto financing, and small business loans, competes directly against traditional brick-and-motor credit unions and commercial banks. The value of LendingClub\u2019s loans is created through: access to affordable credit, a superior borrower experience, transparency and fairness, and fast and efficient decisioning. [4] With only a couple of clicks, borrowers skate through a friction-less application process, accessing loans with interest rates ranging from 5.32% to 30.99% and waiting only a few days for funding. [5][6]<\/li>\n<\/ul>\n<p><a href=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/2-19.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-20360\" src=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/2-19.png\" alt=\"2\" width=\"420\" height=\"325\" srcset=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/2-19.png 420w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/2-19-300x232.png 300w\" sizes=\"auto, (max-width: 420px) 100vw, 420px\" \/><\/a><\/p>\n<p>Source: LendingClub.<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>For lenders, LendingClub offers a diversified and innovatively sourced investment opportunity with fixed income returns of 5.12% to 7.78%. [7] The key value is generated through attractive risk-adjusted returns, which are ultimately driven by the success of LendingClub\u2019s loan underwriting, monitoring, and servicing rigor. Investors can cleanly slice through LendingClub\u2019s loan book to build a customized (by geography, loan purpose, or credit grade) portfolio of direct consumer loans with the right return profile for their appetite.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/3-14.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-20361\" src=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/3-14.png\" alt=\"3\" width=\"456\" height=\"224\" srcset=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/3-14.png 729w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/3-14-300x147.png 300w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/3-14-600x295.png 600w\" sizes=\"auto, (max-width: 456px) 100vw, 456px\" \/><\/a><\/p>\n<p>Source: LendingClub.<\/p>\n<p><a href=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/4-6.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-20363\" src=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/4-6.png\" alt=\"4\" width=\"655\" height=\"359\" srcset=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/4-6.png 872w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/4-6-300x164.png 300w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/4-6-768x421.png 768w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/4-6-600x329.png 600w\" sizes=\"auto, (max-width: 655px) 100vw, 655px\" \/><\/a><\/p>\n<p>Source: LendingClub.<\/p>\n<p>From an operating perspective, LendingClub has embedded state-of-the-art technology across its platform. Chiefly, the digital nature of its operations allows LendingClub to avoid significant costs associated with operating branch infrastructure. Further, it utilizes sophisticated risk assessment technology to evaluate loan applicants, which reaps further cost savings from improved application processing times, optimized pricing, and sharpened risk management. [8] In aggregate, LendingClub postulates that its costs are one-third those of traditional banks [9], which allows it to pass along benefits to its users in the form of lower interest rates for borrowers and higher returns for lenders.<\/p>\n<p><a href=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/5-8.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-20364\" src=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/5-8-300x291.png\" alt=\"5\" width=\"300\" height=\"291\" srcset=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/5-8-300x291.png 300w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2016\/11\/5-8.png 580w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Source: Economist.<\/p>\n<p>Founded in 2009, LendingClub experienced enormous growth and quickly achieved unicorn status and blue-chip venture capital backing. [10] The company was embraced by public markets and IPOed in 2014 at a $8 billion valuation. [11] However, there is concern whether this growth was realized through lax underwriting standards, under-priced loans, and a lack of internal controls. Others note the absence of regulatory oversight as a significant \u2013 and potentially dangerous \u2013 growth driver for the nascent industry. [9] Until recently, much of these concerns were simply conjecture; however, the music stopped for LendingClub in May 2016, when a $22 million mistake was revealed when a prominent investor was sold loans that did not meet its investment criteria. [12] The incident cast doubt on LendingClub\u2019s loan practices and credibility, which ultimately led to board inquiry and ousting of its Chief Executive Officer and Founder, Renaud Laplanche. The press surrounding the incident spooked the market, sending LendingClub\u2019s stock price down 34% and raising questions on the stability of the whole industry. [12] Looking forward, a tremendous challenge for LendingClub will be to repair investor confidence in its own company as well as in the P2P lending business generally.<\/p>\n<p>An additional challenge that LendingClub faces is to truly realize its \u201cpeer-to-peer\u201d concept. Although its borrower base holds true to its \u201cfor the people\u201d mission, its lender base is primarily made up of institutional investors. [13] Its messaging of \u201cfor the people by the people\u201d [10] falls flat. This lender base composition creates concentration risk and may arguably erode the integrity of the \u201cpeer-to-peer\u201d concept. Further, from a purely commercial perspective, the company has not yet proven its ability to generate attractive risk-adjusted returns in a non-zero-interest rate environment. As such, future institutional appetite for LendingClub products may wane, leaving the two-sided marketplace imbalanced, and thus, ineffective. LendingClub could protect against such an imbalance by actively seeding new (and sticky) pools of lenders through stronger marketing efforts.<\/p>\n<p>As LendingClub looks to the future, there is an opportunity for the company to repair its recently damaged reputation and to re-emerge as a leader in the P2P lending space. Its business model and operational model are fundamentally sound; however, the company must diligently maintain the rigor of its underwriting standards and fraud detection practices through constant technological investment and research. Specifically, advances in machine learning and blockchain technologies offer LendingClub the opportunity to sharpen its pricing and risk algorithms and strengthen its fraud protection.<\/p>\n<p>Word Count: 797<\/p>\n<p>&#8212;<\/p>\n<p>Sources:<\/p>\n<ol>\n<li>The Economist. <em>\u201cFrom the people, for the people\u201d.<\/em> May 7 2015. <a href=\"http:\/\/www.economist.com\/news\/special-report\/21650289-will-financial-democracy-work-downturn-people-people\">http:\/\/www.economist.com\/news\/special-report\/21650289-will-financial-democracy-work-downturn-people-people<\/a>. Accessed Nov 18 2016.<\/li>\n<li>LendingClub. \u201cStatistics\u201d. <a href=\"https:\/\/www.lendingclub.com\/info\/statistics.action\">https:\/\/www.lendingclub.com\/info\/statistics.action<\/a>. Accessed Nov 18 2016.<\/li>\n<li>LendingClub.<em> \u201cAbout Us\u201d.<\/em> <a href=\"https:\/\/www.lendingclub.com\/public\/about-us.action\">https:\/\/www.lendingclub.com\/public\/about-us.action<\/a>. Accessed Nov 18 2016.<\/li>\n<li>LendingClub.<em> \u201c2015 Annual Report\u201d.<\/em> <a href=\"http:\/\/ir.lendingclub.com\/Cache\/1001209585.PDF?Y=&amp;O=PDF&amp;D=&amp;fid=1001209585&amp;T=&amp;iid=4213397\">http:\/\/ir.lendingclub.com\/Cache\/1001209585.PDF?Y=&amp;O=PDF&amp;D=&amp;fid=1001209585&amp;T=&amp;iid=4213397<\/a>. Accessed Nov 18 2016.<\/li>\n<li>LendingClub. \u201c<em>Rates and Fees\u201d.<\/em> <a href=\"https:\/\/www.lendingclub.com\/public\/rates-and-fees.action\">https:\/\/www.lendingclub.com\/public\/rates-and-fees.action<\/a>. Accessed Nov 18 2016.<\/li>\n<li>LendingClub.<em> \u201cPersonal Loans\u201d. <\/em><a href=\"https:\/\/www.lendingclub.com\/public\/personal-loans.action\">https:\/\/www.lendingclub.com\/public\/personal-loans.action<\/a>. Accessed Nov 18 2016.<\/li>\n<li>LendingClub.<em> \u201cSolid Returns\u201d<\/em>. <a href=\"https:\/\/www.lendingclub.com\/site\/investing\/solid-returns\">https:\/\/www.lendingclub.com\/site\/investing\/solid-returns<\/a>. Accessed Nov 18 2016.<\/li>\n<li>LendingClub.<em> \u201cHow Peer Lending Works\u201d<\/em>. <a href=\"https:\/\/www.lendingclub.com\/public\/how-peer-lending-works.action\">https:\/\/www.lendingclub.com\/public\/how-peer-lending-works.action<\/a>. Accessed Nov 18 2016.<\/li>\n<li>The Economist. <em>\u201cBanking without Banks\u201d<\/em>. Mar 1 2014. <a href=\"http:\/\/www.economist.com\/news\/finance-and-economics\/21597932-offering-both-borrowers-and-lenders-better-deal-websites-put-two\">http:\/\/www.economist.com\/news\/finance-and-economics\/21597932-offering-both-borrowers-and-lenders-better-deal-websites-put-two<\/a>. Accessed Nov 18 2016.<\/li>\n<li>Cohan, William. <em>\u201cBypassing the Bankers\u201d<\/em>. Sept 2014 Issue. <a href=\"http:\/\/www.theatlantic.com\/magazine\/archive\/2014\/09\/bypassing-the-bankers\/375068\/\">http:\/\/www.theatlantic.com\/magazine\/archive\/2014\/09\/bypassing-the-bankers\/375068\/<\/a>. Accessed Nov 18 2016.<\/li>\n<li>Davidoff Solomon, Steven. <em>\u201cAcknowledging the Value of Lending Club even as it Stumbles\u201d<\/em>. May 17 2016. <a href=\"http:\/\/www.nytimes.com\/2016\/05\/18\/business\/dealbook\/as-scrutiny-mounts-acknowledging-the-value-of-lending-club.html?_r=0\">http:\/\/www.nytimes.com\/2016\/05\/18\/business\/dealbook\/as-scrutiny-mounts-acknowledging-the-value-of-lending-club.html?_r=0<\/a>. Accessed Nov 18 2016.<\/li>\n<li>Corkery, Michael. <em>\u201cAs Lending Club Stumbles, Its Entire Industry Faces Skepticism\u201d<\/em>. May 9 2016. <a href=\"http:\/\/www.nytimes.com\/2016\/05\/10\/business\/dealbook\/as-lending-club-stumbles-its-entire-industry-faces-skepticism.html?action=click&amp;contentCollection=DealBook&amp;module=RelatedCoverage&amp;region=EndOfArticle&amp;pgtype=article\">http:\/\/www.nytimes.com\/2016\/05\/10\/business\/dealbook\/as-lending-club-stumbles-its-entire-industry-faces-skepticism.html?action=click&amp;contentCollection=DealBook&amp;module=RelatedCoverage&amp;region=EndOfArticle&amp;pgtype=article<\/a>. Accessed Nov 18 2016.<\/li>\n<li>Cortese, Amy. <em>\u201cLoans that Avoid Banks? Maybe Not\u201d<\/em>. May 3 2014. <a href=\"http:\/\/www.nytimes.com\/2014\/05\/04\/business\/loans-that-avoid-banks-maybe-not.html\">http:\/\/www.nytimes.com\/2014\/05\/04\/business\/loans-that-avoid-banks-maybe-not.html<\/a>. Accessed Nov 18 2016.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>A walk-through a company&#8217;s ambitions to digitally transform the $3 trillion consumer credit industry.<\/p>\n","protected":false},"author":2343,"featured_media":20645,"comment_status":"open","ping_status":"closed","template":"","categories":[],"class_list":["post-20644","hck-submission","type-hck-submission","status-publish","has-post-thumbnail","hentry"],"connected_submission_link":"https:\/\/d3.harvard.edu\/platform-rctom\/assignment\/digitization-challenge-2016\/","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>P2P Lending: LendingClub\u2019s Sprints &amp; Stumbles - Technology and Operations Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/p2p-lending-lendingclubs-sprints-stumbles\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"P2P Lending: LendingClub\u2019s Sprints &amp; 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