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LendingClub’s AI-driven underwriting model yields 40% fewer delinquencies

Online lender reports over 60 AI initiatives underway

Vaidik Trivedi

Online lender LendingClub is deploying AI throughout its operations, including to improve underwriting.  “At this point, there’s probably not a department in the company that is untouched [by AI] in some way,” LendingClub Chief Executive Scott Sanborn said during the company’s fourth-quarter earnings call on Jan. 28. “I think we have over 60 initiatives underway across the company.” In addition to underwriting, the lender has deployed AI for:  Fraud detection;   Collections;   Document verification;   Marketing; and   […]

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