Solutions for student loans, home improvement loans
WASHINGTON — Consumers want options when it comes to how they bank. Sixty percent say that it is important that their bank offers mobile and online services, according to a recent survey from the American Bankers Association. Banks and non-banks alike are rushing to meet the demand for digital services. To help community banks remain competitive in this space, ABA has endorsed LendKey’s digital lending solution.
This solution – endorsed for the origination of student loans, student loan refinancing and home improvement loans – provides a seamless experience for the consumer who can go to their bank’s website or mobile app, apply for a loan, receive real time credit decisions, and select loan offers that fit their needs without physically going into the bank branch.
“Since 2013, LendKey has partnered with WSFS Bank in providing digital solutions to our customers,” said Lisa Brubaker, senior vice president, WSFS Bank. “They have successfully helped us accelerate our online student lending and refinance product offerings, while allowing us to maintain control over the credit criteria and keep the loans on our balance sheet.”
LendKey’s expertise in digital lending allows banks to quickly deliver a white labeled program to market that uses the bank’s own underwriting criteria and standards. The bank originates the loan on its books and LendKey services the loan. In addition to addressing the growing consumer demand for digital solutions, LendKey’s technology opens the door to new business opportunities for banks by making the credit approval and loan origination process more efficient and cost effective.
“We are delighted and honored to be recognized by ABA as their endorsed solutions provider for digital consumer lending. The ABA conducted exhaustive research amongst their member institutions, which demonstrated significant demand for a platform that would enable them to deliver a digital lending experience to their customer base. This endorsement recognizes LendKey’s experience and reputation as a provider that understands bank partnerships,” said Vince Passione, CEO of LendKey.
LendKey, which was founded in 2009 and currently has over 275 financial institution clients, is focused on providing the latest online lending technology. “With the scope of clients we support and the increasing competition they see from bank and non-bank lenders alike, we are constantly enhancing LendKey’s platform so all of our clients stay ahead of the digital lending market,” said Passione.
As part of the selection process, the ABA team worked closely with the fintech experts at Let’s Talk Payments, a technology consulting firm, to review several providers before selecting LendKey’s digital lending solution. This is the second endorsement in ABA’s suite of digital lending solutions for its members.
ABA members can learn more about LendKey’s digital lending solution and how banks can acquire and grow their millennial customers on a webinar scheduled for Thursday, Sept. 21, 1-2 p.m. ET.
Bankers who are interested can register here.
The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend more than $9 trillion in loans.
LendKey pioneered the lending-as- a-service model by creating white-labeled lending solutions that transform financial institutions into profitable digital lending businesses. LendKey’s customized solutions help financial institutions attract new business, grow relationships, manage liquidity, and mitigate risk. The company manages the
entire lending process, which includes demand generation, online decisioning, loan origination, customer service and balance sheet management. Founded in 2009 and based in New York and Cincinnati, LendKey works with hundreds of financial institutions.