In today’s top news in digital-first banking, LendingClub reported as part of its fourth-quarter financial results that originations increased 56 percent quarter over quarter, while NTT DATA is providing a new digital banking platform. Plus, Shinhan Bank has built out a pilot program for a potential central bank digital currency (CBDC).
LendingClub Q4 Loan Volume Rebounds By 56 Pct
LendingClub reported as part of its fourth-quarter earnings that originations rose 56 percent quarter over quarter, exceeding the high end of its guidance range. “We are encouraged by the continued growth in loan originations with volume above the upper end of our fourth-quarter guidance range,” CFO Tom Casey said in a release. LendingClub reported a 24 cents-per-share adjusted loss on $75.9 million in net revenue. Wall Street was anticipating $77.7 million for LendingClub’s revenues, while losses were forecasted to be about 25 cents per share.
NTT DATA Offers Digital Platform To Help Banks Compete With FinTechs
Japan-based NTT DATA is providing a new online banking system that the firm said will assist established financial institutions (FIs) with addressing “transformation challenges with their legacy technology and to launch new services” in a faster manner. NTT said its new Platea Banking system will help FIs compete with neobanks and FinTech firms. “With consumers demanding digital banking experiences, it is imperative that banks act accordingly,” Manuel Romero, NTT’s global head of open banking practice, said in a release.
South Korea’s Shinhan Bank Demos CBDC Platform
Shinhan Bank, which is based in South Korea, has developed an experimental program for a possible CBDC. The FI got help from LG CNS on the effort. CBDCs are on the rise, according to a Bank for International Settlements (BIS) poll, which indicated that 86 percent of the 65 central banks polled are considering one at some level. As it stands, China is the furthest along in creating a CBDC.
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