May 24, 2021
LendingTree gives users a holistic view of their finances
In 2018, LendingTree occupied what, for many companies, would be an enviable position. With $50 billion in loans served, the Charlotte-based company was the nation’s largest online lending marketplace. But they weren’t satisfied.
From their perspective, the problem was one of engagement. “Most people only need a loan once every few years—or decade,” explains Bryce McAvoy, Senior Product Manager at LendingTree. “As a result, users were only returning to our site once or twice a year.”
To increase engagement, LendingTree decided to offer a wider array of financial services. By doing so, the company wagered, they could provide users a more holistic view of their finances, something which would cause them to return more often.
To power these new services, LendingTree needed to give users a way to share their financial data with them. And for that, they chose Plaid.