Intuit and LendingClub Streamlining Loan Applications

Intuit, which specialises in finance management for both SMEs and individual customers, partners with LendingClub to help US customers improve their financial health using new features intended to simplify credit applications. This rationalisation relies on data sharing processes between the two companies.

Intuit features various finance management solutions including Mint (PFM), Turbo (scoring) or even TurboTax, helping American customers file income tax return based on personal information they provide (professional situation, income, lodging, savings, etc.). These services have been updated as a result from this partnership so data could be shared with LendingClub.

When LendingClub customers apply for a loan, Intuit now makes it possible to automatically retrieve data, from their TurboTax account (roughly 80,000 fields), and pre-fill the application form. This considerably reduces the time it takes to process the request.

Also, Mint’s latest update allows users to receive customised insights and tips on improving their financial health. And Turbo provides them with a comprehensive picture of their household income, as well as their overall borrowing and savings power.

Comments – Intuit bets on the Open-Banking trend

In addition to addressing B2B needs and accounting management, Intuit also decided to target individual customers when they acquired Mint. They now makes it possible for borrowers to share their financial data with third-party services so they can enjoy more advantageous credit terms and rates. As they have access to a more comprehensive view of their consumers’ finances, lenders can assess their scores and risk profiles more precisely.

In line with this open approach, Intuit also partners with the robo-advisor Wealthfront, enabling their investors to auto-fill their profile using data shared by Intuit. Intuit strategically aims for two distinct markets: credit applications and the investment sector. Other likewise partnerships could be announced by way of addressing players from various industries who might need to rely on financial data to sign up customers. This partnership shows that credit industry specialists may interestingly take advantage of technical partners’ insight for a clearer view of their customers’ financial situation, and to come up with solutions that fit their actual needs and profile.