Mobile App Archives - Lend Academy

Banks Going Digital – Transforming Branches, Apps and a Focus on Customer Experience

Banks know they must go digital and many are embracing new technology to improve the customer experience

June 22, 2017 By Todd Anderson 3 Comments

In Austin last week American Banker hosted their annual Digital Banking Conference where banks of all sizes gathered to discuss the innovation in banking today. There were a few main themes that came out of the event; banks are focused on transforming the customer experience, mobile first approaches are prevalent and technology solutions like AI and cyber security are becoming must haves within the bank.

The big banks have all started to understand that the traditional way of banking is a thing of the past. Keynote speaker Yolande Piazza, CEO, Citi Fintech talked about disrupting from within, changing how they operate to enable the customer and move to a mobile first approach. She explained how this approach is radical for a bank and the layers of compliance did not make the transition smooth. They have completely rethought how they hire, 50 percent of their fintech talent is from outside the company. They have looked towards fintech and technology companies to fill their pool, while the banking talent comes from within.

Consumer oriented experiences really drove a lot of the conversations at the event, banks and the vendors were all talking about how to best utilize the consumer’s time when they engage. Mobile apps seem to have become a bit of a competition among the banks, though some would describe it more as a competition of experience and not necessarily as a competition between different banks. No longer are banks looking to drive where the customers should go, they are looking for the customers to drive what they want in the experience.

Consumer experience is not limited to the digital channel; banks and companies like Samsung are also focused on changing the way people interact within the branch. In speaking to Reginald Jones, Director of Sales for Regulated Industries, he talked about how the consumer electronics giant is working with banks to help change the way people think and interact with their local branches. [Read more…]

Lending Club Releases iOS App For Investors

Lending Club's new app will allow investors to manage their investments on the go.

April 13, 2017 By Ryan Lichtenwald 5 Comments

In early March at LendIt USA 2017, Lending Club teased that an iOS app was coming soon. The app, which launched today is entirely focused on investors, it is not a borrowing app. The Lend Academy team was able to get exclusive access to the app pre-launch to check it out for ourselves. For the first time Lending Club’s 148,000+ individual retail investors will be able to manage their account and direct investments all on their iOS device. New investors will also be able to create a new account right through the app.

After login the app presents you with a summary dashboard which includes much of the same information you’d see after logging on to the website. For me personally this is the page I will get the most value out of. The quick glance overview is often what I am looking for when I login to the website.

At the bottom there are four other sections of the app: Holdings, Invest, Transfer and Profile. On the holdings screen shown below you can dig deeper into your account by breaking it down by loan status, grade and term. The grade breakdown from my account is shown below.

The app allows investors to setup Lending Club’s automated investing or invest in individual loans manually. The manual investment page allows you to sort by key criteria such as grade, term FICO etc. and also select website created filters, but you are not able to create filters within the app. This limitation makes sense since this would be complicated to do on a mobile device with the 36 filters Lending Club offers. Actually making a manual investment is easier on the app that it is on the website, particularly if you use one of your saved filters.

The transfer page is self-explanatory – it allows investors to add funds or withdraw funds. Finally, the profile page provides general account information, FAQs, a way to contact investor support and provide feedback on the app. There is also the setting to toggle adjusting for past due notes. The default setting is to see your account with adjusted account values and NARs, you need to go to the profile page if you want to change this.

Conclusion

The introduction of a mobile app shows Lending Club’s continued focus on the retail investor. These days almost every financial services company has an app to accompany their website offering and it’s great to see Lending Club make the investment. I found the app very user friendly and it matches very closely to the experience you’ll find on Lending Club’s website.

Having said that the app is certainly not perfect, as you would expect from a version 1.0 product. There is no fingerprint login verification like many banking apps have, so every time you close the app you have to manually log back in. I would also like to be able to view my portfolios in the Holdings screen. And it would be good to be able to choose a saved filter from the automated investing screen although that is not a deal breaker. But if those things were present I think I would rarely use the website.

Lending Club has said they are aware of these shortcomings and will likely include some or all of them in an upcoming release based on investor feedback.

Another drawback which will likely annoy anyone without an iPhone, right now this app is only available on iOS. An Android app will be forthcoming we have been told but for now the iOS app is Lending Club’s only mobile offering. For those Lending Club investors with an iPhone I think they will definitely benefit from having an easy way to check their account, make an investment and transfer money. Overall, it is a good first effort.

You can download the Lending Club app from the Apple App Store here.

LendingRobot Releases First Mobile App For P2P Lending

Lending Club, Prosper and Funding Circle investors can now manage their investments through a new mobile app offered by LendingRobot.

April 8, 2016 By Ryan Lichtenwald Leave a Comment

LendingRobot, an automated investing service for p2p lending announced a new mobile app yesterday. This is the first app of its kind and is something that will be welcome news to the retail investment community. The app tracks the overall status of an account and also provides insights to what is going on within a p2p lending portfolio. I spoke to Emmanuel Marot, CEO and Co-Founder of LendingRobot to get some more information about why they decided to create an app and what they have planned for future iterations.

When I asked Emmanuel about the reasoning behind an app he had an interesting response. From the start, they have positioned LendingRobot to be a set-it and forget-it type service. However, what they found was that 30% of their clients login several times a week and some even once per day. About 20% of these users were already coming from their phones using the website so the app was a natural addition to their offering. They aren’t changing their strategy, but they want to serve these users who want insight and access to their account right from their mobile phone. Marot stated it’s no surprise that a portfolio with a 1000 or more notes always has something new happening and investors will be able to see exactly what’s happening with the new app. Finally, none of the current marketplace lenders they service, including Lending Club, Prosper and Funding Circle have a mobile app for investors. Emmanuel noted in the press release that it was baffling that no one has created a ‘Mint’ for this industry. [Read more…]

Prosper Replaces Finance App BillGuard With Prosper Daily

Prosper focuses on financial well being, not just loans with their new rebranded app.

March 10, 2016 By Ryan Lichtenwald 2 Comments

In September, 2015 Prosper acquired BillGuard, a company that created a mobile personal finance application. The application allowed users to track financial transactions and prevent fraud. Today, Prosper announced the end of the BillGuard brand and introduced a new application with many changes. The new app called Prosper Daily is available today on Apple and Android devices. Peter and I spoke with Itzik Cohen, Chief Business Officer to learn more about the new application and how it fits into Prosper loans.

With the BillGuard acquisition and subsequent rebranding one thing was made clear: Prosper is the first marketplace lender to embrace mobile as a strategy and dedicate significant resources to building it out. What we learned from Itzik was that Prosper Daily is about the broader vision of Prosper. When we asked him about the integration of getting an offer for a Prosper loan within the app he stated that this is not the main point at this time. Itzik said:

Our goal at Prosper is not to give you a loan – it is financial well being.

Now this is not to say that this won’t be a feature at some point, but they are focusing on helping all customers and not just trying to push Prosper loans. In the future it is likely they will analyze Prosper Daily account data and make offers to consumers where they think they can save them money.

Itzik also hinted at additional features and products that could be added to the product. Since the app is currently focused on purchase tracking and verification it’s possible they may enter the purchase finance space. With additional accounts and data to pull from, Prosper may be able to make income and identity verification much easier and more automated. Income verification in the future may be done by looking at direct deposit ACH transactions within accounts. [Read more…]