The Problem(s)
Members wanted more information about why they were declined from a loan, or couldn't get the rates they wanted. Members want someone to "financially adult" for them. They want someone else to share the cognitive load of their finances and to help them make choices they don’t feel they can make responsibly.
The Solution
LendingClub saw an opportunity to expand from solely focusing on personal loans to transform into an ecosystem that includes tools to help customers manage their finances. We knew their credit score, debt-to-income ratios, and credit usages were often too high to qualify for the best offer. It was a clear opportunity for us to give insight and education.
My Role
A big component of this transition was a product that I led internally called Credit Health. I addressed the need for more rich information on why members were declined for loans or couldn't get the rates they expected. Members were now able to use their account experience, which we called Member Center, to see all their debt and financial health metrics in one place. I also led a major visual overhaul for Member Center as I developed these experiences.
How Has Member Center Evolved?
Research Findings & Deep Truths
According to the Financial Health Network, more than 70% of Americans are considered financially vulnerable or coping. From LendingClub’s own research study in 2018, we found that while people have the time and skills to learn about finances, 56% of respondents saying that thinking or talking about their finances is mentally draining. How can we help?
“I know nothing about trying to get a loan for credit card debt, and [Member Center] has made it really easy.”
Impact
In only 3 years Member Center has become more than just a loan servicing page. It is now a robust space where the whole of LendingClub, products and visions, is represented. Members are able to decide what’s best for them, knowing we understand who they are. It is now a place where Members see their Membership, integrated with a Marketplace, focused on their financial future with LendingClub as their partner.
As the new experience was presented to our Members, by April 2020 we saw over 200,000 Members upgrade their accounts to use these new tools. We also saw a lift in application to issuance rates as Members now better understood where they stood financially.