<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2448-6655</journal-id>
<journal-title><![CDATA[Análisis económico]]></journal-title>
<abbrev-journal-title><![CDATA[Anál. econ.]]></abbrev-journal-title>
<issn>2448-6655</issn>
<publisher>
<publisher-name><![CDATA[Universidad Autónoma Metropolitana, Unidad Azcapotzalco, División de Ciencias Sociales y Humanidades]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-66552023000300119</article-id>
<article-id pub-id-type="doi">10.24275/uam/azc/dcsh/ae/2023v38n99/mota</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Un análisis del perfil de riesgo en la dinámica de préstamos persona a persona mediante clústeres de K-medias]]></article-title>
<article-title xml:lang="en"><![CDATA[An analysis of risk profiles in peer-to-peer lending through K-Means Clustering]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Mota Aragón]]></surname>
<given-names><![CDATA[Martha Beatriz]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Moncayo Mejía]]></surname>
<given-names><![CDATA[Pamela]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma Metropolitana  ]]></institution>
<addr-line><![CDATA[Iztapalapa CDMX]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Instituto Tecnológico y de Estudios Superiores de Monterrey Escuela de Negocios ]]></institution>
<addr-line><![CDATA[CDMX ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2023</year>
</pub-date>
<volume>38</volume>
<numero>99</numero>
<fpage>119</fpage>
<lpage>144</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-66552023000300119&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-66552023000300119&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-66552023000300119&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Se analiza de manera empírica la base de datos de la Fintech estadounidense LendingClub, la empresa precursora del mercado de préstamos digitales persona a persona. Se busca contextualizar al modelo de negocio a través de su base de datos y las variables implicadas en el perfil de riesgo de los participantes. Se toman cuatro ventanas de tiempo para capturar ciclos económicos y su impacto en el perfil crediticio de los prestatarios. Para identificar los perfiles de riesgo de manera analítica, implementamos la técnica de clústeres de K-medias, definiendo un patrón de segmentación de participantes en función de la tasa de interés de los préstamos y la calificación FICO (Fair Isaac Company). Los patrones de agrupación son constantes a lo largo de los periodos estudiados y permiten determinar niveles promedio de ingreso, tipos de préstamos adquiridos y proveniencia geográfica según perfil de riesgo. Pocos estudios contemplan toda la información disponible de la operación de LendingClub (2007-20203T); por lo tanto, este estudio también identifica la transición a la madurez de este modelo de negocio. Este trabajo logra dos objetivos: demostrar la evolución de los clientes y la plataforma a través del tiempo en cuanto se refiere a los perfiles de riesgo de los participantes prestatarios, y destacar el uso de clústeres de K-medias como una herramienta apropiada para el perfilamiento frente a otras alternativas analíticas.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract We empirically analyze the LendingClub dataset, the pioneer of the peer-to-peer digital lending market. We aim to contextualize the business model through its database and the variables involved in the risk profile of the participants. We consider four different periods to capture economic cycles and their impact on the credit profile of borrowers. We implement K-Means Clustering Analysis to analytically define a segmentation pattern for participants based on the interest rate of the loans and the FICO (Fair Isaac Company) score. The clusters are constant throughout the periods studied and allow to detect average income levels, issued loans destination and borrower geographic origin according to risk profile. Few studies contemplate all the information available for the LendingClub operation (2007-2020Q3), therefore, this study illustrates how this business model has transitioned to maturity. This work achieves two objectives: to demonstrate the evolution of clients and the platform over time in terms of the risk profiles of participating borrowers, and to highlight the use of K-Means Clustering as an appropriate tool for profiling against to other analytical alternatives.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[clústeres de K-medias]]></kwd>
<kwd lng="es"><![CDATA[LendingClub]]></kwd>
<kwd lng="es"><![CDATA[Fintech]]></kwd>
<kwd lng="es"><![CDATA[préstamos persona a persona]]></kwd>
<kwd lng="es"><![CDATA[riesgo de crédito]]></kwd>
<kwd lng="en"><![CDATA[K-Means Clustering]]></kwd>
<kwd lng="en"><![CDATA[LendingClub]]></kwd>
<kwd lng="en"><![CDATA[Fintech]]></kwd>
<kwd lng="en"><![CDATA[Peer-to-peer lending]]></kwd>
<kwd lng="en"><![CDATA[Credit Risk]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Adhami]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Gianfrate]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Johan]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Risks and returns in crowdlending]]></article-title>
<source><![CDATA[SSRN]]></source>
<year>2019</year>
<numero>3345874</numero>
<issue>3345874</issue>
</nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Agarwal]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Ambrose]]></surname>
<given-names><![CDATA[B. W.]]></given-names>
</name>
<name>
<surname><![CDATA[Chomsisengphet]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Asymmetric information and the automobile loan market]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Agarwal]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Ambrose]]></surname>
<given-names><![CDATA[B. W.]]></given-names>
</name>
</person-group>
<source><![CDATA[Household Credit Usage]]></source>
<year>2007</year>
<page-range>93-116</page-range><publisher-name><![CDATA[Springer]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Altman]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Resti]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Sironi]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Default recovery rates in credit risk modelling: a review of the literature and empirical evidence]]></article-title>
<source><![CDATA[Economic Notes]]></source>
<year>2004</year>
<volume>33</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>183-208</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Arner]]></surname>
<given-names><![CDATA[D. W.]]></given-names>
</name>
<name>
<surname><![CDATA[Barberis]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Buckley]]></surname>
<given-names><![CDATA[R. P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The evolution of Fintech: A new post-crisis paradigm? University of Hong Kong Faculty of Law Research Paper No. 2015/047]]></article-title>
<source><![CDATA[UNSW Law Research Paper]]></source>
<year>2015</year>
<numero>2016-62</numero>
<issue>2016-62</issue>
</nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Arner]]></surname>
<given-names><![CDATA[D. W.]]></given-names>
</name>
<name>
<surname><![CDATA[Barberis]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Buckley]]></surname>
<given-names><![CDATA[R. P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[150 years of Fintech: An evolutionary analysis]]></article-title>
<source><![CDATA[Jassa-the Finsia Journal of Applied Finance]]></source>
<year>2016</year>
<volume>3</volume>
<page-range>22-9</page-range></nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Funk, B.]]></surname>
<given-names><![CDATA[Alex]]></given-names>
</name>
<name>
<surname><![CDATA[Bachmann]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Becker]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Buerckner]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Hilker]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Kock]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Lehmann]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Tiburtius]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Online peer-to-peer lending-a literature review]]></article-title>
<source><![CDATA[Journal of Internet Banking and Commerce]]></source>
<year>2011</year>
<volume>16</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>1-18</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Baesens]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[van Gestel]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Stepanova]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[van den Poel]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Vanthienen]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Neural network survival analysis for personal loan data]]></article-title>
<source><![CDATA[Journal of the Operational Research Society]]></source>
<year>2005</year>
<volume>56</volume>
<numero>9</numero>
<issue>9</issue>
<page-range>1089-98</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Berger]]></surname>
<given-names><![CDATA[S. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Gleisner]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Emergence of financial intermediaries in electronic markets: The case of online P2P lending]]></article-title>
<source><![CDATA[BuR Business Research]]></source>
<year>2014</year>
<volume>2</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>39-65</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bikhchandani]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Sharma]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Herd behavior in financial markets]]></article-title>
<source><![CDATA[IMF Staff Papers]]></source>
<year>2000</year>
<volume>47</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>279-310</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bowley]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The new speed of money, reshaping markets]]></article-title>
<source><![CDATA[New York Times]]></source>
<year>2011</year>
</nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Calabrese]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Osmetti]]></surname>
<given-names><![CDATA[S. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Zanin]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A joint scoring model for peer-to-peer and traditional lending: a bivariate model with copula dependence]]></article-title>
<source><![CDATA[Journal of the Royal Statistical Society]]></source>
<year>2019</year>
<volume>182</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>1163-88</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Calabrese]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Zanin]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Modelling spatial dependence for Loss Given Default in peer-to-peer lending]]></article-title>
<source><![CDATA[Expert Systems with Applications]]></source>
<year>2022</year>
<volume>192</volume>
</nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="confpro">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chengeta]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Mabika]]></surname>
<given-names><![CDATA[E. R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Peer to Peer Social Lending Default Prediction with Convolutional Neural Networks. IcABCD 2021]]></source>
<year>2021</year>
<conf-name><![CDATA[ 4thInternational Conference on Artificial Intelligence, Big Data, Computing and Data Communication Systems, Proceedings]]></conf-name>
<conf-loc> </conf-loc>
</nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Crouhy]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Galai]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Mark]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A comparative analysis of current credit risk models]]></article-title>
<source><![CDATA[Journal of Banking &amp; Finance]]></source>
<year>2000</year>
<volume>24</volume>
<numero>1-2</numero>
<issue>1-2</issue>
<page-range>59-117</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cumming]]></surname>
<given-names><![CDATA[D. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Hornuf]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Marketplace Lending of SMEs]]></article-title>
<source><![CDATA[]]></source>
<year>2020</year>
<publisher-name><![CDATA[Center for Economic Studies and Ifo Institute (CESifo)]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Dangeti]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<source><![CDATA[Statistics for machine learning]]></source>
<year>2017</year>
<publisher-name><![CDATA[Packt Publishing Ltd]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Dehejia]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Montgomery]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Morduch]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Do interest rates matter? Credit demand in the Dhaka slums]]></article-title>
<source><![CDATA[Journal of Development Economics]]></source>
<year>2012</year>
<volume>97</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>437-49</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Demirgüç-Kunt]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Huizinga]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Determinants of commercial bank interest margins and profitability: some international evidence]]></article-title>
<source><![CDATA[The World Bank Economic Review]]></source>
<year>1999</year>
<volume>13</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>379-408</page-range></nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Emekter]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Tu]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Jirasakuldech]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Lu]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Evaluating credit risk and loan performance in online Peer-to-Peer (P2P) lending]]></article-title>
<source><![CDATA[Applied Economics]]></source>
<year>2015</year>
<volume>47</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>54-70</page-range></nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gonzalez]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Loureiro]]></surname>
<given-names><![CDATA[Y. K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[When can a photo increase credit? The impact of lender and borrower profiles on online peer-to-peer loans]]></article-title>
<source><![CDATA[Journal of Behavioral and Experimental Finance]]></source>
<year>2014</year>
<volume>2</volume>
<numero>C</numero>
<issue>C</issue>
<page-range>44-58</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hales]]></surname>
<given-names><![CDATA[M. G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Focusing on 15% of the pie]]></article-title>
<source><![CDATA[Bank Marketing]]></source>
<year>1995</year>
<volume>27</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>29-33</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Herrera-Arizmendi]]></surname>
<given-names><![CDATA[P. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Amezcua-Núñez]]></surname>
<given-names><![CDATA[J. B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[El uso de pagos electrónicos, con CoDi en México]]></article-title>
<source><![CDATA[Vincula Tégica Efan]]></source>
<year>2020</year>
<volume>2</volume>
<page-range>1111-9</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jagtiani]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Lemieux]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The roles of alternative data and machine learning in fintech lending: Evidence from the LendingClub consumer platform]]></article-title>
<source><![CDATA[Financial Management]]></source>
<year>2019</year>
<volume>48</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>1009-29</page-range></nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[James]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Witten]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Hastie]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Tibshirani]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[An introduction to statistical learning]]></source>
<year>2013</year>
<volume>Vol. 112</volume>
<publisher-name><![CDATA[Springer]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jiménez]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Saurina]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Collateral, type of lender and relationship banking as determinants of credit risk]]></article-title>
<source><![CDATA[Journal of Banking &amp; Finance]]></source>
<year>2004</year>
<volume>28</volume>
<numero>9</numero>
<issue>9</issue>
<page-range>2191-212</page-range></nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kim]]></surname>
<given-names><![CDATA[J.-Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Cho]]></surname>
<given-names><![CDATA[S.-B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Predicting repayment of borrows in peer-to-peer social lending with deep dense convolutional network]]></article-title>
<source><![CDATA[Expert Systems]]></source>
<year>2019</year>
<volume>36</volume>
<numero>3</numero>
<issue>3</issue>
</nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Koch]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[The 80/20 Principle: The Secret of Achieving More with Less: Updated 20th anniversary edition of the productivity and business classic]]></source>
<year>2011</year>
<publisher-loc><![CDATA[Hachette UK ]]></publisher-loc>
</nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Komrattanapanya]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Suntraruk]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Factors influencing dividend payout in Thailand: A tobit regression analysis]]></article-title>
<source><![CDATA[International Journal of Accounting and Financial Reporting]]></source>
<year>2013</year>
<volume>3</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>255</page-range></nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kriebel]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Stitz]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Credit default prediction from user-generated text in peer-to-peer lending using deep learning]]></article-title>
<source><![CDATA[European Journal of Operational Research]]></source>
<year>2022</year>
<volume>302</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>309-23</page-range></nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lee]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Lee]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Herding behavior in online P2P lending: An empirical investigation]]></article-title>
<source><![CDATA[Electronic Commerce Research and Applications]]></source>
<year>2012</year>
<volume>11</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>495-503</page-range></nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lee]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
<name>
<surname><![CDATA[Shin]]></surname>
<given-names><![CDATA[Y. J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Fintech: Ecosystem, business models, investment decisions, and challenges]]></article-title>
<source><![CDATA[Business Horizons]]></source>
<year>2018</year>
<volume>61</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>35-46</page-range></nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="confpro">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Li]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<source><![CDATA[Clustering similar lenders in P2P lending]]></source>
<year>2016</year>
<conf-name><![CDATA[ Proceedings of 2016 3rd International Conference on Education, Management and Computing Technology (ICEMCT 2016)]]></conf-name>
<conf-loc> </conf-loc>
<page-range>1045-8</page-range></nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lim]]></surname>
<given-names><![CDATA[M. K.]]></given-names>
</name>
<name>
<surname><![CDATA[Sohn]]></surname>
<given-names><![CDATA[S. Y.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Cluster-based dynamic scoring model]]></article-title>
<source><![CDATA[Expert Systems with Applications]]></source>
<year>2007</year>
<volume>32</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>427-31</page-range></nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Maudos]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[de Guevara]]></surname>
<given-names><![CDATA[J. F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Factors explaining the interest margin in the banking sectors of the European Union]]></article-title>
<source><![CDATA[Journal of Banking &amp; Finance]]></source>
<year>2004</year>
<volume>28</volume>
<numero>9</numero>
<issue>9</issue>
<page-range>2259-81</page-range></nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Merton]]></surname>
<given-names><![CDATA[R. C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[On the pricing of corporate debt: The risk structure of interest rates]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>1974</year>
<volume>29</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>449-70</page-range></nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mia]]></surname>
<given-names><![CDATA[M. A. H.]]></given-names>
</name>
<name>
<surname><![CDATA[Rahman]]></surname>
<given-names><![CDATA[M. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Uddin]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[E-Banking: Evolution, Status and Prospect]]></article-title>
<source><![CDATA[The Cost and Management]]></source>
<year>2007</year>
<volume>35</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>36-48</page-range></nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mills]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[McCarthy]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The state of small business lending: Credit access during the recovery and how technology may change the game]]></article-title>
<source><![CDATA[Harvard Business School General Management Unit Working Paper]]></source>
<year>2014</year>
<page-range>15-004</page-range></nlm-citation>
</ref>
<ref id="B38">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Moreno Moreno]]></surname>
<given-names><![CDATA[A. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Berenguer]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Sanchís Pedregosa]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A model proposal to determine a crowd-credit-scoring]]></article-title>
<source><![CDATA[Economics &amp; Sociology]]></source>
<year>2018</year>
<volume>11</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>69-79</page-range></nlm-citation>
</ref>
<ref id="B39">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Moreno-Moreno]]></surname>
<given-names><![CDATA[A. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Sanchis-Pedregosa]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Berenguer]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Success Factors in Peer-to-Business (P2B) Crowdlending: A Predictive Approach]]></article-title>
<source><![CDATA[IEEE]]></source>
<year>2019</year>
<page-range>148586-93</page-range></nlm-citation>
</ref>
<ref id="B40">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Morgan]]></surname>
<given-names><![CDATA[J. P.]]></given-names>
</name>
</person-group>
<source><![CDATA[Creditmetrics-technical document]]></source>
<year>1997</year>
<publisher-loc><![CDATA[New York ]]></publisher-loc>
<publisher-name><![CDATA[JP Morgan]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B41">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mundet]]></surname>
<given-names><![CDATA[H. B.]]></given-names>
</name>
<name>
<surname><![CDATA[Gutiérrez]]></surname>
<given-names><![CDATA[D. M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[La financiación colectiva y su papel en el mundo de la empresa]]></article-title>
<source><![CDATA[Análisis Financiero]]></source>
<year>2015</year>
<volume>129</volume>
<page-range>68-78</page-range></nlm-citation>
</ref>
<ref id="B42">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Nüesch]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Alt]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Puschmann]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Hybrid Customer Interaction]]></article-title>
<source><![CDATA[Business &amp; Information Systems Engineering]]></source>
<year>2015</year>
<volume>57</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>73-8</page-range></nlm-citation>
</ref>
<ref id="B43">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Peppard]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Customer relationship management (CRM) in financial services]]></article-title>
<source><![CDATA[European Management Journal]]></source>
<year>2000</year>
<volume>18</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>312-27</page-range></nlm-citation>
</ref>
<ref id="B44">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Pujun]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Nick]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Max]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Demystifying the workings of Lending Club]]></article-title>
<source><![CDATA[]]></source>
<year>2016</year>
</nlm-citation>
</ref>
<ref id="B45">
<nlm-citation citation-type="confpro">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sahin]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Duman]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<source><![CDATA[Detecting credit card fraud by decision trees and support vector machines]]></source>
<year>2010</year>
<conf-name><![CDATA[ World Congress on Engineering 2012]]></conf-name>
<conf-loc>London, UK </conf-loc>
<page-range>442-7</page-range></nlm-citation>
</ref>
<ref id="B46">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Serrano-Cinca]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Gutiérrez-Nieto]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The use of profit scoring as an alternative to credit scoring systems in peer-to-peer (P2P) lending]]></article-title>
<source><![CDATA[Decision Support Systems]]></source>
<year>2016</year>
<volume>89</volume>
<page-range>113-22</page-range></nlm-citation>
</ref>
<ref id="B47">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Serrano-Cinca]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Gutiérrez-Nieto]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[López-palacios]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Determinants of Default in P2P Lending]]></article-title>
<source><![CDATA[PLOS One]]></source>
<year>2015</year>
<page-range>1-22</page-range></nlm-citation>
</ref>
<ref id="B48">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Stiglitz]]></surname>
<given-names><![CDATA[J. E.]]></given-names>
</name>
<name>
<surname><![CDATA[Weiss]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Credit rationing in markets with imperfect information]]></article-title>
<source><![CDATA[The American Economic Review]]></source>
<year>1981</year>
<volume>71</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>393-410</page-range></nlm-citation>
</ref>
<ref id="B49">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Syakur]]></surname>
<given-names><![CDATA[M. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Khotimah]]></surname>
<given-names><![CDATA[B. K.]]></given-names>
</name>
<name>
<surname><![CDATA[Rochman]]></surname>
<given-names><![CDATA[E. M. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Satoto]]></surname>
<given-names><![CDATA[B. D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Integration k-means clustering method and elbow method for identification of the best customer profile cluster]]></article-title>
<source><![CDATA[IOP Conference Series: Materials Science and Engineering]]></source>
<year>2018</year>
<volume>336</volume>
<numero>1</numero>
<issue>1</issue>
</nlm-citation>
</ref>
<ref id="B50">
<nlm-citation citation-type="confpro">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wang]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Hua]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Guiding the healthy development of the P2P industry and promoting SME financing]]></source>
<year>2014</year>
<conf-name><![CDATA[ 2014 International Conference on Management of E-Commerce and e-Government]]></conf-name>
<conf-loc> </conf-loc>
<page-range>318-22</page-range></nlm-citation>
</ref>
<ref id="B51">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wardrop]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Zhang]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Rau]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Gray]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Moving mainstream]]></article-title>
<source><![CDATA[The European Alternative Finance Benchmarking Report]]></source>
<year>2015</year>
<page-range>1-43</page-range></nlm-citation>
</ref>
<ref id="B52">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Yum]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Lee]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Chae]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[From the wisdom of crowds to my own judgment in microfinance through online peer-to-peer lending platforms]]></article-title>
<source><![CDATA[Electronic Commerce Research and Applications]]></source>
<year>2012</year>
<volume>11</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>469-83</page-range></nlm-citation>
</ref>
<ref id="B53">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Zhang]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Zhou]]></surname>
<given-names><![CDATA[X.]]></given-names>
</name>
<name>
<surname><![CDATA[Leung]]></surname>
<given-names><![CDATA[S. C. H.]]></given-names>
</name>
<name>
<surname><![CDATA[Zheng]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Vertical bagging decision trees model for credit scoring]]></article-title>
<source><![CDATA[Expert Systems with Applications]]></source>
<year>2010</year>
<volume>37</volume>
<numero>12</numero>
<issue>12</issue>
<page-range>7838-43</page-range></nlm-citation>
</ref>
<ref id="B54">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Zhang]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Liu]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Rational herding in microloan markets]]></article-title>
<source><![CDATA[Management Science]]></source>
<year>2012</year>
<volume>58</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>892-912</page-range></nlm-citation>
</ref>
<ref id="B55">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ziegler]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Shneor]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Wenzlaff]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Suresh]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Ferri]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Paes]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Mammadova]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Wanga]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Kekre]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Mutinda]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Wang]]></surname>
<given-names><![CDATA[B. W.]]></given-names>
</name>
<name>
<surname><![CDATA[Closs]]></surname>
<given-names><![CDATA[C. L.]]></given-names>
</name>
<name>
<surname><![CDATA[Zhang]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Forbes]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Soki]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Alam]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Knaup]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Global Alternative Finance Market Benchmarking]]></article-title>
<source><![CDATA[The 2nd Global Alternative Finance Market Benchmarking Report]]></source>
<year>2021</year>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
