LendingClub is deploying AI internally and externally and has more than 60 active AI uses. 

When it comes to AI, “there’s probably not a department in the company that is untouched in some way,” Chief Executive Scott Sanborn said during LendingClub’s April 27 first-quarter earnings call. 

Among its AI efforts are AI-driven loan improvements, Sanborn said. LendingClub reported that more than 90% of its Q1 loan issuances were fully automated and time needed to submit a debt consolidation application was reduced by nearly 60%. 

Additionally, to streamline lending processes, LendingClub has deployed AI-driven underwriting models and document verification, according to previous reporting by FinAi News.

With AI deployed, loan originations in Q1 increased 31%, reaching $2.7 billion, according to a company release. Additionally, the lender’s total assets grew 14% year over year to $11.9 billion, and total net revenue increased 16% YoY to $252.3 million.  

In Q1, the lender transitioned to fair value option accounting for new originations of loans held for investment, according to the release. This move is reflected on the quarterly balance sheet with provision for credit losses of $400,000, compared to $58.1 million during the corresponding period last year. 

AI is also being deployed in: 

• Marketing; 

• Product; 

• Engineering; 

• Operations;  

• Customer experience; and 

• Compliance. 

The lender’s investment in AI-enabled operating efficiency and overall experience is accompanied by a rebrand, the company announced earlier this month. LendingClub will rebrand to Happen Bank this summer, targeting affluent, tech-savvy customers. 

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