LendingTree wants to own an earlier step in the loan shopping journey
- LendingTree is moving upstream in the loan-shopping journey, using ChatGPT to reach borrowers while they’re still researching what they can afford and what type of loan they need.
- The strategy tests whether AI can turn that early research into completed applications, while LendingTree applies AI across offer comparison, customer acquisition, and servicing.
A borrower looking for a loan can now use an AI chatbot through a purpose-built integration to explore what they might qualify for, estimate borrowing costs, or identify the type of loan that fits their needs. They can do much of that research before they ever visit a financial marketplace.
LendingTree wants to be part of the first step by launching an official ChatGPT plug-in and conversational app experience that lets users explore mortgage and financial rates directly in the chat interface. Consumers can enter an estimated credit score, the state they live in, and how much they’re looking to borrow to explore indicative rates, and then continue to LendingTree.com for personalized offers.
The move puts the company in front of borrowers before they decide where to shop. The challenge, however, is converting that early interaction into completed applications and revenue.
Moving upstream in the shopping journey
LendingTree built its business around connecting consumers shopping for financial products with providers competing for their business. It earns revenue through leads, clicks, calls, and referrals across mortgages, personal and small-business loans, credit cards, insurance, and other products.
Its ChatGPT experience adds another route into that marketplace. Instead of relying solely on consumers who arrive at its website ready to compare offers, the company can engage them while they are still exploring their options.
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Using AI to improve the marketplace
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