Today, weвЂ™re very happy to launch brand new findings from our assessment for the partnership between chance Fund and LendingClub.
Today, weвЂ™re very happy to launch brand new findings from our assessment associated with the partnership between chance Fund and LendingClub.
The report, High-Tech, tall Touch: assessing the client Experience for the First-Ever CDFI-Fintech Partnership, shows key findings from qualitative phone interviews with borrowers whom received that loan from us through the LendingClub platform recommendation. Because the first-ever CDFI-Fintech partnership, we constructed on final yearвЂ™s evaluation of the revolutionary collaboration by hearing straight through the small businesses that are profiting from it.
With large economic help from JPMorgan Chase, chance Fund worked with lovers at Palmer analysis and Baccus analysis to conduct interviews with your borrowers to better comprehend their experiences and choices. Especially, our qualitative research objectives included:
- Determine on the web borrowersвЂ™ level and experience of satisfaction because of the loan procedure
- Ascertain the amount of connection borrowers have actually with chance Fund together with characteristics that drive that connection
- See whether the experience varies for LendingClub vs. borrowers that are bank-referred
- Find out how chance Fund can better develop a relationship featuring its borrowers that are http://www.cash-central.net/payday-loans-ny/ online
After analyzing and conducting 35 debtor interviews (25 with LendingClub-referred borrowers and 10 with an evaluation selection of bank-referred borrowers), our scientists discovered:
- Customers are very pleased with their Opportunity Fund experience: Experiences with chance Fund have become good both for on line and offline debtor Consumers appreciate the personalized solution and believe that chance Fund cares about them and their company Customers are highly pleased with the efficient process and fast turnaround time most would go back to chance Fund as time goes by Borrowers felt a feeling of fairness in working together with Opportunity Fund
- A few borrowers identified areas for improvement while there was strong satisfaction
- Time zone challenges for borrowers outside CA
- Some confusion around LendingClubвЂ™s вЂњpre-approvalвЂќ marketing ( ag e.g., fliers and adverts, just before application for the loan) vs.