FINANCIAL SERVICES
US based lending business slashes its losses from bad loans
At a Glance...
Industry: Financial Services
Client: One of the largest online loan marketplace in the US
Business Objective: Predict accurately for every borrower, if they may default on the loan
Solution: RapidCanvas deployed full life cycle prescriptive AI, where the company could set up custom experiments and build/modify simplified pipelines. Using the marketplace of curated and optimized feature engineering templates that were driven by a rich metadata model, the company gained a complete end-to-end functional solution to predict borrower propensity to repay the loan.
Results: Achieved a reduction in financial losses to bad loans, over existing models by
19%
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Background
Founded in 2006, LendingClub is the pioneer in bringing traditional installment loans into the digital realm. LendingClub provides its customers with cost-effective ways to bridge cash flow gaps and better ways to lend, spend, and save.
As the largest online loan marketplace in the US, the company offers branchless banking and personal loans. Its services include personal loans, business loans, education financing, patient financing, investing, marketplace lending, banking, and auto refinancing.
Borrowers can apply for loans at attractive lower interest rates through its fast online interface. The online application process is easy and upon approval, borrowers can receive funds quickly.
