With 60 percent of consumers placing a high priority on mobile and online banking services, according to a recent ABA survey, ABA has endorsed the digital lending solution offered by LendKey. This white label solution — which ABA endorsed for student loan origination and refinancing as well as home improvement loans — allows consumers to apply for a loan, receive real time credit decisions and select loan officers that fit their needs through the bank’s website or mobile app.
Using the bank’s own underwriting standards and lending criteria, loans are originated on the bank’s books and serviced by LendKey. LendKey also provides marketing support, compliance assistance and balance sheet management to help banks effectively growth their business.
Currently, LendKey has more than 275 financial institution clients across the country, including Wilmington, Del.-based WSFS Bank. “Since 2013, LendKey has partnered with WSFS Bank in providing digital solutions to our customers,” said SVP Lisa Brubaker. “They have successfully helped us accelerate our online student lending and refinance product offerings, while allowing us to maintain control over the credit criteria and keep the loans on our balance sheet.”
LendKey will host a webinar on Thursday, Sept. 21 at 1 p.m. EDT on the digital lending solution and how bankers can grow their millennial client base with the help of mobile and digital tools.