Lloyds is cutting 780 roles across their branch network; the cut amounts...
News Roundup
This page contains an archive of the Global Newsletter summaries and the weekly fintech news roundups.
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The investment will be deployed over three years and allow the bank to compete with other digital banks and fintechs; it marks an increase of 40% from Lloyd’s previous three-year expansion plan; Lloyds also hopes the investment will help cut costs. Source
Lloyd’s Banking Group and Royal Bank of Scotland announce the closure of more than 100 branches; this is part of a wider trend for both banks who will now have closed more than 1,000 in the last few years; reasons for the closings include more UK consumers using mobile banking and the branch closures help to save significant costs. Source.
One of the UK’s biggest banks, Lloyd’s Banking Group, is planning to spend $4.2bn on digital transformation over the next 3 years; the bank is looking to go beyond just becoming more efficient as they said they are looking to also make the biggest ever investment in people; the move by Lloyd’s is part of a wider trend in banking where incumbents are investing heavily into digital. Source.
In this guest post, Shaun O’Neill, President of Concord Servicing Corporation shares...
A new study has found that borrowers in China are taking out loans from multiple platforms; of 61 online lenders in the study, 44% of their customers borrowed from multiple sources; it is difficult to prevent against this since p2p lenders don’t have access to all of the credit data of their borrowers and there is no centralized place for platforms to share data; the study was done by the Beijing Internet Finance Industry Association. Source
LoanClear is a servicing company which was spun out of Dynamic Credit;...
loanDepot is the second largest non-bank consumer lender; OfferPad purchases homes from homeowners, allowing them to sell their house easily; the JV called OfferPad Home Loans is a stand-alone mortgage broker where loanDepot will act as the wholesale lender; OfferPad will be using loanDepot’s platform called Mello to provide the bridge financing. Source
loanDepot has originated $100 billion in loans since launching seven years ago; firm provides home, personal and home equity loans online and through local branch offices; the company has serviced over 15 million consumers nationwide and its platform is acquiring approximately 500,000 potential borrowers per month; in 2016 it opened three new campuses to expand its direct, retail and wholesale businesses and it also has plans to open a new 65,000 square foot business campus in Irvine, California that will help to increase its employee base to over 6,000. Source
loanDepot has been steadily becoming one of the US's top mortgage lenders, rivaling both online businesses and traditional institutions; Anthony Hsieh talked with Forbes at LendIt USA about the growth of the business; the company has funded over $100 billion in mortgage loans and is building out a fintech ecosystem that will empower future market growth and product expansion; loanDepot is the third online mortgage company founded by Anthony Hsieh and the company is in its eighth year of operations; Hsieh says the firm is potentially considering an IPO. Source