Visa, Morgan Stanley Vet Takes On Tech At Lending Club

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While banks are working to respond to increased consumer demand for web-enabled financial services, one young company is trying to grow its business by eliminating the need for the bank entirely.

Not that banks are likely to be replaced — but in the case of personal lending, executives at Lending Club say investors can earn higher returns, even while consumers enjoy lower-than-normal rates on their debt, by replacing the brick-and-mortar bank with a lending platform in the cloud.

In an effort to continue the build out of its web-based platform, Lending Club recently hired John MacIlwain as its chief technology officer. MacIlwain has worked previously for Visa, Green Dot and Morgan Stanley, exposing him to both sides of the “investor/investee” market.

We talked to Lending Club’s new executive about how the platform will grow in the future, his experiences at Visa and Morgan Stanley, and the impact web-based financial players are having on the status quo.

Listen to the full interview with Lending Club’s John MacIlwaine here.

John MacIlwaine
Chief Technology Officer, Lending Club

MacIlwaine brings more than 20 years of experience in executive-level technology roles in the financial services industry, including C-suite roles at three public companies. MacIlwaine previously served as head of global development at Visa, Inc. (NYSE: V), where he led program management and information services, including Web application development, data warehousing, business intelligence and mobile development, and oversaw all new technology initiatives for the company. MacIlwaine also served as CTO for the full-service brokerage arm of Morgan Stanley, where he directed the platform for all Morgan Stanley Dean Witter retail brokerage electronic commerce efforts. His experience also includes executive and senior-level management positions at leading financial service technology companies Green Dot Corporation, Envestnet, Inc. and SunGard Data Systems.