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Federal Reserve Bank of New York. Small Business Credit Survey, 2013,
pg. 5. May 2013.
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Banks have faced structural challenges that make it difficult to serve the
small business community: specifically, banks have not invested in the
technology or process improvements necessary to make small business
lending cost effective.
Banks are still reliant on branch infrastructure and manual processes
(e.g. collecting physical documentation from borrowers) that have been
in place for decades. These costs make underwriting small-dollar loans
prohibitively expensive. By contrast, marketplace lenders are also able
to operate at a significant cost advantage. By one estimate, by
eliminating branch networks and other significant expenses,
marketplace lenders are able operate at over a 400 basis point cost
discount to banks.7 This allows us to work with customers that were
never profitable for traditional lenders.
Similarly, the information collected by traditional lenders is often limited
to the data they are able to obtain through paperwork directly from
consumers or relationships with credit bureaus. Through APIs, online
lenders can overlay the traditional data inputs with valuable information
from a variety of sources, from online accounting software to an
individuals Facebook page.8 This added information allows online
lenders to serve a wider array of customers who otherwise may not
have been approved.
5.! Describe the customer acquisition process for online marketplace
lenders. What kinds of marketing channels are used to reach new
customers? What kinds of partnerships do online marketplace
lenders have with traditional financial institutions, community
development financial institutions (CDFIs), or other types of
businesses to reach new customers?
We believe our strongest source of new business should always be
referrals from existing customers. By remaining religious about the user
experience, which in our case includes everything from site design to
underwriting experience, we hope to provide genuine value to
customers so that they refer us to friends and colleagues.
Indeed, by providing a superior customer experience, marketplace
lenders are able to generate high Net Promoter Scores (NPS). A 2012
Bain & Company. 2012 Customer Loyalty in Retail Banking, pg. 46.
2012.
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Lending Club. Keynote Presentation at Lendit 2014, pg. 26!
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Peter Rudegeair, The Wall Street Journal. A New Tariff on InterestRate Exports? 30 June 2015.
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Mark J. Kamstra, Gordon S. Roberts and Pei Shao. Does the Secondary
Market Reduce Borrowing Costs? 7 April 2012.
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The Street. Big Banks Back Away from Mortgages; Nonbank Lenders
Pick Up Slack. 26 January 2015.
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Jordan Blanchard, Secondary Market Access. Stepping in to Fill the
Void. March 2012.!
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