LendingClub Corporation (NYSE: LC) has announced several executive changes as it focuses on its mission to emerge as a top digital banking operation. In a public statement, LendingClub said it has promoted Ronnie Momen to serve as its first Chief Consumer Banking Officer and hired David Bolocan to serve as the Senior Vice President of Deposits and Payments, Amber Carroll to serve as the Senior Vice President of Membership & Lifecycle Marketing, and Jamie Armistead to serve as the Vice President of Product Management.
At the beginning of 2021, LendingClub closed on its acquisition of Radius Bank thus delivering a national bank charter to the Fintech. Long the top marketplace lending platform in the United States, LendingClub is now transitioning to a Fintech that provides a far broader portfolio of digital financial services.
While LendingClub will continue to maintain its consumer lending operation, minus retail investors, the digital bank will be able to accept deposits and offer an array of features and services expected from a modern digital banking operation.
Scott Sanborn, CEO of LendingClub, says that consumer loans have been the growth engine that has enabled them to become one of the largest Fintechs in the US.
“As we prepare for our next chapter of growth, I can think of no one better than Ronnie to lead our consumer business forward.”
Momen has served as Chief Lending Officer for the company, overseeing credit strategy including the use of credit data, analytics, and innovative products to drive responsible growth for the business. His prior experience includes stints at Wells Fargo and HSBC, as well as Fintechs, such as GreenSky and Credit Karma.
Sanborn said he was pleased to welcome the new executives:
“David’s strategic thinking and extensive hands-on experience managing retail banking products will prove invaluable as we grow. Additionally, with such a breadth of consumer financial services marketing experience in, we’re thrilled to have Amber at the helm leading our membership experience. Lastly, coming to us with expertise across banking products and digital channels, along with product management experience and design-first thinking, we are excited to add Jamie to the team. The opportunity in front of us is massive, and we’re firing on all cylinders with a clearly differentiated approach as the leading digital marketplace bank in the country.”
As the new Senior Vice President of Deposits and Payments, Bolocan, joins the company from BBVA USA, where he has been the Head of Deposits and Segments for the last three years.
The new Senior Vice President of Membership & Lifecycle Marketing, Carroll, joins the company from Freedom Mortgage where she served as the SVP of Digital Marketing for the last year and half.
The new Vice President of Product Management, Jamie Armistead joins the company from Zelle where he served as the Vice President, Business Line Leader influencing strategy and overseeing product management.
While the digital banking sector of Fintech is pretty hot as consumers move away from costly brick and mortar operations, LendingClub Bank has its work cut out for them as a new generation of Fintechs and digital banks are targeting the exact same market. While LendingClub will be able to leveraging existing relationships gleened for its years as an online lender, to compete long term, the bank will need to be forward-thinking and competitive with a host of neobanks like Varo Bank, Revolut, Chime, Marcus and more.