Leading marketplace lending platform LendingClub (NYSE:LC) has partnered with Intuit (NASDAQ:INTU) and their Turbo product to speed up the borrowing process. According to the two companies, TurboTax data can now automatically flow directly into the LendingClub loan application and thus the borrowers may bring their tax data with them. Access to direct data may help in consumers receiving better rates on their loans.
Varun Krishna, Vice President of Product Management for Intuit’s Consumer Division, said that with 25 million users Mint and Turbo are “uniquely positioned to deliver value to both consumers and strategic partners.”
“Using machine learning, we are able to provide consumers a comprehensive view of their finances and highlight relevant opportunities to save time and money and generate unique value to our partners.”
LendingClub was joined by Wealthfront in collaborating with the Intuit products.
LendingClub will use the information to reduce the time it takes to complete the loan application process. Wealthfront clients will be able to open an account much faster and receive more personalized financial advice.
“We believe we can digitize the experience by allowing consumers to consent to use tax and financial data more seamlessly across the entire application process, which benefits both lenders and consumers alike,” said Krishna.
Cole Gillespie, Vice President and Head of Business Development at LendingClub, said the partnership is a step in leveraging alternative data sources to help us increase the speed and access to credit.
The whole thing will be demoed next week at Money 20/20 taking place in Las Vegas. Streamlining data between two different platforms, as long as the consumer approves the integration, is a big part of the future of finance.
LendingClub will be holding its third quarter earnings call on the 6th of November.