This week, Alex chats with Scott Sandborn, the CEO of Lending Club, to discuss the ever-evolving relationship between banks, consumers, and the lending process.
Scott founded Lending Club in 2007 to revolutionize the world of personal loans by providing better financial outcomes to consumers using technological solutions—and he’s sitting down to share his deepest insights with Alex into the current issues plaguing consumer financial health.
Why are over half of Americans still paying off credit card debt? Does higher income lead to lower debt?
With so many Americans living paycheck to paycheck, and with inflation rates quickly outpacing wage growth, Scott paints a concerning picture of the rapidly changing picture of the post-pandemic financial landscape—is there a way that fintech can solve these emerging problems?
Discover how staying loyal to your bank could be costing you more in savings and loan fees, why valuing customer loyalty should be a key priority for banks, and why Scott believes that more customer-centric financial solutions are a necessity for ensuring fintech’s thriving future.
00:00:43 – Lending Club: Revolutionizing Financial Services
00:09:14 – Unlocking Opportunities for High-Income Consumers
00:12:19 – The Impact of Rising Interest Rates on Savings Accounts
00:15:26 – Disrupting the Banking System: Fair Rates for All
00:24:53 – Lowering Customer Acquisition Costs for Lending Club
00:29:38 – The Power of Data-Driven Banking
00:31:20 – Building a Winning Bank Experience
00:35:36 – The Benefits and Risks of Open Banking
00:41:40 – Exploring the Potential of Generative AI
Sign up for Alex’s Fintech Takes newsletter for the latest insightful analysis on fintech trends, along with a heaping pile of pop culture references and copious footnotes. Every Monday and Thursday: https://workweek.com/brand/fintech-takes/
And for more exclusive insider content, don’t forget to check out my YouTube page.
Learn More About Lending Club:
All rights reserved. Crowe LLP, a member of Crowe Global, a Swiss verein. For more information, please visit www.crowe.com/fintech