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Why New Relic

Designed to solve complex performance problems painlessly and deliver actionable information

Highlights
  • Helps to enable continual improvement of the customer experience
  • Helps to identify new opportunities for innovation
 

Lending Club Disrupts the Financial industry with a Game-Changing Marketplace; Customer Experience Helped by New Relic

Lending Club (NYSE: LC) is the world’s largest online marketplace connecting borrowers and investors. The company’s mission is to transform the banking system to make credit more affordable and investing more rewarding, helping millions of people achieve their financial goals. Lending Club operates at a lower cost than traditional banks and passes the savings on to borrowers in the form of lower rates and to investors in the form of solid returns. Since launching in 2007 the company has built a trusted brand with a track record of delivering exceptional value and satisfaction to both borrowers and investors.

"Within 15 minutes of using it in production, we had identified the cause of a problem that was affecting customer experience on the platform. After that experience, we expanded New Relic to our entire server footprint.”

Rob Schoening DevOps Engineer, Lending Club

Environment

Lending Club manages approximately 600 servers on 50 hosts. As an almost exclusively Java shop, Lending Club’s application servers are Apache Tomcat, with JavaScript used on the front end.

Gaining insight into performance during daily usage spikes

Lending Club is a technology company that is transforming financial services. “We’re not a bank, we are a marketplace and we use technology to reduce our costs, provide more affordable rates to borrowers, and deliver strong returns for investors,” says John MacIlwaine, chief technology officer at Lending Club.

With technology as the heart of the Lending Club marketplace, the IT department is under tremendous pressure to deliver a great customer experience. To that end, when Rob Schoening, DevOps engineer at Lending Club, first joined the company, he recognized the need for an application performance management tool.

“One of the unique aspects of Lending Club is that four times each day we list loan investment opportunities on our public website, which means that four times each day there is a large spike of activity that is three or four times greater than our baseline,” says Schoening. The company needed a way to gain deeper visibility into application performance during these bursts of activity and identify any issues impacting the customer experience on the website.

“Based on my previous experience, I recommended that we bring in New Relic to help with performance, quality, and optimization,” says Schoening. “It’s excellent at identifying complex performance problems.”

“New Relic has been instrumental in executing our technology vision for the business. Because we can now see and quantify the impact that our technology is having on our users and their experience, it has allowed us to be very prescriptive in our efforts to scale the platform, continually improve our customer experience, and innovate in new areas.”

John MacIlwaine Chief Technology Officer, Lending Club

New Relic delivers results within minutes of deployment

When Lending Club deployed New Relic® APM™, New Relic® Browser™, and New Relic® Servers™, the benefits were immediately obvious. Initially planned for use in the quality assurance (QA) environment, after using it in QA, the Lending Club team decided to move New Relic to production as well.

Now Lending Club’s development, operations, architecture, and quality assurance staff all rely on New Relic to gain visibility into performance, identify root causes, and prioritize actions. New Relic has also enabled Lending Club to hone its agile development model. With the insight New Relic has provided into performance, the company has gained greater confidence in its ability to rapidly innovate with its technology. “New Relic has become an integral part of the deployment and post-deployment process,” says Schoening. “It’s essential to our success.”

Schoening credits New Relic with helping Lending Club create a performanceoriented culture and greater accountability within its application and architecture teams. Lending Club’s director of technology, Andreas Oesterer, agrees: “One of the most effective ways that we use New Relic is to compare application performance across days, weeks, and months to make sure that performance is trending in the right direction.” Oesterer also appreciates that the New Relic tools help his team prioritize its efforts for the greatest impact. “New Relic is a pain-free way to get visibility throughout the entire stack,” says Oesterer. “Whether it’s inefficient queries or JavaScript exceptions, we can use New Relic to curate the list of problems that we need to fix.”

“New Relic is a pain-free way to get visibility throughout the entire stack. Whether it’s inefficient queries or JavaScript exceptions, we can use New Relic to curate the list of problems that we need to fix.”

Andreas Oesterer Director of Technology, Lending Club

Using data and insight to disrupt and innovate

While New Relic has become an essential tool to help Lending Club optimize the customer experience, its value to the financial industry upstart extends beyond the current capabilities the company offers within its marketplace.

“New Relic has been very instrumental in our technology vision for the business,” says MacIlwaine. “Because we can now see and quantify the impact that our technology is having on our users and their experience, it has allowed us to be very prescriptive in our efforts to scale the platform, continually improve our customer experience, and innovate in new areas.”

As Lending Club continues to upend the lending business to the benefit of consumers and everyday investors, New Relic will be there to help the company optimize and revolutionize the experience for its customers. “The ability to create a marketplace that connects borrowers with investors and utilizes technology that is truly disruptive is really exciting,” says MacIlwaine. “It’s simply liberating – for borrowers, investors, and for us.”

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