LendingClub is one of the leading players in the Social Lending space, with Zopa in the UK and of course Prosper in the US.
It was a pleasure to meet with John Donovan, COO, and Patrick Gannon, SVP Lending. Unfortunately, Renaud Laplanche, CEO and a fellow Frenchman, couldn't attend the event.
Another good example of how to leverage Facebook
There was a lot of buzz surrounding LendingClub when it launched because it was only available on Facebook. Now, you can also register on their website directly.
Their Facebook application became rapidly a success with over $1million of loans funded within the first 100 days. Like Geezeo, their application on Facebook enabled LendingClub to quickly reach a critical mass of users and leverage the trusted networks available on Facebook, and quickly increase its brand awareness and its profile in the industry.
John presented their exclusive Lending Match technology. He also insisted on the fact that all the info available, on credit history for instance, is anonymous.
Interview with Patrick Gannon
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Finovate 2007: the excellent banking 2.0 event organized by Jim Bruene
More than a month ago I found out about the excellent Finovate 2007, a one day event in New York, on Jim Bruene's NetBanker blog. Jim invited me to attend and added me to the list of bloggers.
On October 2nd, twenty of the most innovative companies in the financial space will demo their newest products in only 7 minutes each. It is a great opportunity to meet with the Founders and Senior Executives of those companies and network with the delegates, the press and some enthusiastic bloggers.
I look forward to meeting with Jim face-to-face and with my peers. And it is always a great pleasure to meet, and kick ideas, with founders and entrepreneurs who are usually passionate and motivational.
The presenters are all involved in hot topics such as Personal Finance, Social Lending (aka Peer-to-Peer Lending), mobile banking and online payments.
Web 2.0 and user-generated content in the banking industry
If you read Visible-Banking.com on regular basis, you know that I am interested in all kinds of web 2.0 initiatives in the Banking industry, especially any innovative services which improve customer satisfaction or help building an online community of active members.
It is good to see that more and more banks show interest, even though we need to remember that user-generated content is a big challenge for the regulated banking industry. Bad comments are potentially a threat and can damage a bank reputation (especially if the bank doesn't respond and address the concern...)
Reputation is critical and the risk slows down banks with their web 2.0 projects. At the same time, more and more people think their bank is letting them down. Customers are less and less faithful and they expect their bank to listen to them and demonstrate they care.
An event well attended by bankers
I am confident Jim's event will attract many bankers who need to better understand the impact of those twenty companies. Companies in the crowded Social Lending (Prosper or Zopa) or Personal Finance (Wesabe) spaces have very successfully managed to build strong online communities of committed and passionate users. They post on regular basis, share their ideas and concerns, and are happy to recommend their favourite platform. Could you find a better, more cost effective, and more efficient way to promote your service and grow your customer base?
Banks must watch out those companies and use them as a source of inspiration. How big the threat is? How could banks use the same approach to engage their clients? Could banks partner with those new players? (Money Management / Personal Finance is one of the key features desired by banking customers). Please check the excellent post of my ex-colleague James Gardner about Wesabe and Prosper.
Wells Fargo 2.0
I invite you to check my post on Wells Fargo 2.0. As far as I am concerned, Wells Fargo is the best example of how to use web 2.0 in the banking industry. Well done to Tim Collins, SVP - Experiential Marketing, Ed Terpening, VP Social Network Marketing, and their teams. In the last couple of months I had the pleasure to communicate with Ed and to meet Tim at the excellent Wells Fargo event organized in London by the Financial Services Club. Well done to Chris Skinner and Andy Coppell!
Mobile Banking offerings are blossoming all over the world. If you want a good overview of the US market, I invite you to check the excellent post by Brandon McGee, VP & Senior Product Manager (Mobile Banking), who is one of the guest bloggers on Jim's mobile money & banking blog.
List of presenters at Finovate 2007
Fraud & identity theft
* Identity Theft 911
Online Account Opening
* Andera
Online Banking
* CheckFree /Corillian
* Digital Insight (an Intuit company)
* Metavante
Online Payments
* Billeo Inc
* iPay Technologies
* Online Resources
* Yodlee
Mobile Banking
* ClairMail
* Firethorn
* mFoundry
* MShift
* Monitise
Personal Finance
* Geezeo
* Jwaala
* Mint
Social Lending and Online Loans
* Lending Club
* Mortgagebot
* Prosper Marketplace
If you plan to attend as a delegate or a speaker and you want to share your interest or expertise in web 2.0, please do not hesitate to send me an email (cm_langlois[AT]yahoo[DOT]co[DOT]uk) to make sure we meet during the show.
Congratulations Jim, you have done an amazing job!
Ideally, I would have loved to meet with a few other companies such as Wesabe, BillMonk or Zopa...
Visible Banking on CommunityLend
Yesterday, I found out that CommunityLend, the Canadian P-2-P social lending platform which will be launched in Fall 2007, listed Visible Banking News in their Google Blog Search section. Thanks Colin!
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“Christophe's book is really the must-have synopsis of the current state-of-play in social media in banking. Christophe has taken a deep passion for the topic, and turned it into an account of the landscape valuable to anyone who has social media responsibilities in financial services”
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Tim Collins, SVP-Experiential Marketing at Wells Fargo
More Linkedin endorsements
Visible Banking News #7
On regular basis (ideally weekly), I will post a list of key news on web 2.0 & Banking.
As usual, please do not hesitate to get back to me with you remarks, or with any article I missed!
NEWS - 21 May 2007 to 27 May 2007
BLOGGING
* Wordpress grows beyond 1 million blogs - 24 May 2007
* New CU Blogs: Midwest Financial, Old Hickory, and Secure One Credit Unions - 21 May 2007
CUSTOMER COMMENTS
* Online banks hardly stuff of sword-and-sandals epic - 24 May 2007
* Making the Switch to Unadulterated Online Banking - 24 May 2007
CUSTOMER EXPERIENCE
* Wells' Web makeover woos punters and analysts - 25 May 2007
* Abbey in bank holiday meltdown - 25 May 2007
EVENTS
* Next MobileMonday Austin event: Mobile Banking and Payments, June 11 '07 - 26 May 2007
FRAUD
* A decade of online banking - and online fraud - 25 May 2007
* Anti-phishing filters bypassed in IE7? - 25 May 2007
* A first in Quebec's banking industry - Laurentian Bank innovates: 2 additional security barriers for online transactions - 24 May 2007
* Credit cards are still very vulnerable online - 24 May 2007
* Transaction hijacking - cheaper alternatives, at point of purchase - 24 May 2007
* Target 5 Warns Of 'Online Insecurity' - 24 May 2007
* House Passes Anti-Spyware Legislation - 23 May 2007
* Cyber fraudsters target accounts with 'one cent deposit' scam - 21 May 2007
INTERVIEWS
* Wells Fargo & Company at Lehman Brothers 10th Annual Financial Services Conference - Final - 23 May 2007
LAUNCHES
* Singapore's DBS Bank unveils plans for expansion in China - 25 May 2007
* ANZ and ING introduce direct access banking for pension funds - 25 May 2007
* Who launched the UK's first Internet bank? - 23 May 2007
* First National Bank of Omaha Launches Internet Bank - 22 May 2007
* Alliance & Leicester Commercial Bank extends bill payments network - 22 May 2007
MARKETING
* Tenth anniversary of online banking - 27 May 2007
* Apacs marks 10 years of Web banking - 22 May 2007
* One-quarter of 50 Largest Online Advertisers are From Financial Services - 21 May 2007
MOBILE BANKING
* Mobile Phones Revolutionize African Banking - 24 May 2007
* ING Direct Adds Mobile Banking - 24 May 2007
* NY Times Reviews Citi Mobile - 24 May 2007
* Barclays introduces mobile banking services - 23 May 2007
* Bank of America completes m-banking roll out - 22 May 2007
PERSONAL FINANCE
* Mint.com Set to Freshen the Personal Finance Space* - 23 May 2007
REPORTS
* Traditional vs. online banking: Which one is for you? - 27 May 2007
* Case Study: Metrics Drive Wells Fargo's Home Page - 23 May 2007
* Online banking boosts direct debits - 23 May 2007
SOCIAL LENDING
* New Person-to-Person Lender, Lending Club, Hopes Facebook Linkage Allows it to Prosper - 25 May 2007
* Social lending goes red hot, as FaceBook enters the space with “LendingClub” - 25 May 2007
* Now there's big money in P2P - 22 May 2007
* Virgin enters the P2P loan market - 20 May 2007
SOCIAL NETWORKING
* Facebook | will people share their pictures, thoughts and information with commercial interests? - 26 May 2007
* Prosper and Forbes tap Facebook; Co-op Bank joins MySpace - 25 May 2007
* Social Networking to infinity and beyond - 25 May 2007
* Could FaceBook risk becoming another AOL? - 25 May 2007
* Social Network ad spending predicted to grow (eMarketer) - 24 May 2007
* Community ROI - a sensible view - 24 May 2007
* A sense of community - 23 May 2007
VENDORS
* Origo to develop XML standards for full mortgage applications - 24 May 2007
* Financial Objects ships mortgage module - 23 May 2007
Posted by Christophe on May 27, 2007 in Blogging, Customer comments, Customer experience, Events, Fraud, International, Interviews, Launches, Marketing, Mobile banking, News, Personal finance, Phishing, Reports, Social lending, Social networking, Vendors | Permalink | Comments (0) | TrackBack (0)