Personal finance management app Pariti has partnered with Lendable to offer its customers loans; Lendable is the second lending partnership for the app following Zopa; Lendable also offers consumer loans with funds from high net worth and institutional investors. Source
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Wealth managers are beginning to look toward marketplace lending as an asset class; at LendIt USA 2017 we hosted a panel focused on wealth managers with Three Bridge Wealth Advisors, Lending Club and Glide Capital; the panel focused on making wealth managers look toward marketplace lending as a fixed income alternative and removing the fear factor since it is not as well known an asset class; clients of wealth managers are beginning to see this as a high yielding, short duration and low volatility play; thus far originators have not done a great job at providing exposure and understanding to wealth managers, this is beginning to improve; ultimately the asset class is very simple and easy to understand, showing wealth managers this is the key so they can then get clients on board. Source
Retail banks have started to digitally enhance their customer experience but when it comes to small business lending they are still stuck in the past; according to a recent report by Bain and SAP only 7% of banks can offer a fully digital experience for credit products; research is starting to show that small businesses want a digital experience for capital and to manage their banking needs; banks can decide to build, partner or buy to ensure they stay competitive; partnerships have continued to form and understanding how best to utilize fintech for the long run will help banks and small businesses. Source