LendingClub is piloting AI to streamline document verification in the lending process. 

“The AI-assisted document verification workflow automates part of the lending process that historically required manual review,” Lukasz Strozek, chief technology officer of Lending Club, told FinAi News.  

For example, manual verification for income or addresses previously took more than 24 hours, he said. However, “with AI performing an increasing share of verifications, we reduce the latency of this step to mere seconds.”  

The AI solution is “rapidly moving toward” companywide deployment, Strozek said. “Once fully implemented, we expect it to add around 9,000 incremental loans annually just from the increased speed and completion rates.” 

60 AI uses

AI-driven document verification is just one use case LendingClub in exploring.  

In the past five months, LendingClub has developed more than 60 AI use cases across the company, Strozek said, including for:  

• Underwriting; 

• Fraud detection; 

• Collections; 

• Document verification; 

• Marketing; and 

• Customer service. 

“We continue to evaluate AI solutions based on their ability to add value and solve real problems, whether it’s foundational technologies, new tools or technologies we choose to acquire,” he said. 

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