Leaders in Lending
Leaders in Lending

Episode · 1 year ago

Not Embracing Change is the Ultimate Risk for Banks w/ Matt Gallman

ABOUT THIS EPISODE

Because of historically low interest rates, insane levels of liquidity within the banking system, and changing consumer needs, some banks need to find alternative ways to generate revenue. That means embracing change and bringing on new partners.

In this episode, we talk with Matt Gallman, VP, Enterprise Risk Officer at Drummond Community Bank, about why the riskiest strategy a bank can take is not changing at all.

Key Topics Covered:

- Entering the consumer lending space during the pandemic

- Advice for banks looking to partner with Fintechs

- Getting comfortable with originating unsecured personal loans

- Finding best-in-breed solutions through multiple partners

Mentioned during the podcast:

- The Calf-Path by Sam Foss

To hear more from Leaders in Lending, check us out on Apple Podcasts, Spotify, or on our website.

Listening on a desktop & can’t see the links? Just search for Leaders in Lending on your favorite podcast player.

With the way COVID has impacted consumer preferences. If we don't start embracing change and we don't start finding partnerships such as start, we're going to become still in irrelevant in the minds of her customers. You're listening to leaders and lending from upstart, a podcast dedicated to helping consumer lenders grow their programs and improve their product offerings. Each week here, decision makers in the finance industry offer insights into the future of the lending industry best practices around digital transformation. In one let's get into the show. Hi and welcome to leaders and lending. I'm your host, Jeff Keltner, and I'm joined a day by Matt Gallman, the Enterprise Risk Officer Drum and community bank. Drummond is about a nine hundred million dollar asset bank, Matt, I believe, and North Central Florida, serving some of the gains fill area, but substantially many of the rural areas up there as well. Matt came to the bank with a long history in the credit union space, whereas I you were loan officer teller. You'd be kind of done all the jobs, and a few years ago switched into risk management and I think, interestingly, when you got here to drum in, the bank is historically mostly commercial oriented but making a shift into the consumer space. So I'm really looking forward to the conversation to thanks so much for a grant to come on and talk to us. Absolutely I'm really excited to be on today. Really enjoy the podcast and really enjoy talking about bank and then tech partnerships. So look forward to the discussion. Should be a great conversation. I wanted to start off, Matt, with your title Enterprise Risk Officer, because you know, typically I've talked to a lot of risk officers and they're typically in the why we shouldn't do stuff with fintext and you seem to be in the why we should. Talk to me about how you think about the risk function, the enterprise risk function, within a bank and what your role is and how maybe approach a little differently than others in the space. Yeah, so a lot of times I think that risk management as a negative connotation. A lot of people think that risk managers are there to tell you know, to get you in trouble, to shut things down, but that really shouldn't be the case. Really, risk is just uncertainty is all about how we manage that on certainty, and so you should be spending an...

...equal amount of time talking about how you can take more risk but do it safely. That's what I always say, is how can we find a way to say yes to something and do it in a safe and efficient manner? And so that's why someone like me is involved in the thin text space. And if you really think about it, with the way COVID has impacted consumer preferences, if we don't start embracing change and we don't start finding partnerships such as start, we're going to become stale and irrelevant in the minds of her customers. And so to me that's the ultimate risk and that's what I work every day to try to prevent. That sets up for success in the future. I think that that the risk of doing nothing as the one that is often underappreciated, the risk of not changing, and it's great to hear that perspective. I'm curious from a risk angle. You know, you guys chose to get into consumer lending, where that historically had not been as most banks, outside of mortgages, not a lot of consumer lending. What was it? What were the risks that you saw from the banks point of view that made that an interesting area to invest him. So right now we're we're going to its extremely difficult environment where it's a challenge for us to try to meet or grow our earnings with historic low interest rates and same levels of liquidity in the banking system and with a bank that's been historically focused on the commercial side, on real estate it we have to find alternative ways to generate revenue. So, coming from that consumer lending background, I first looked at consumer lending as a way for us to potentially help us reach those goals, to find alternative asset classes that we weren't really invested in, we weren't doing to a substantial degree. And what do you find? It's different about the consumer asset class that's appealing to the bank versus the more traditional assets. So right now, and especially in two thousand and twenty, when we were looking at a long term horizon or mortgages and things like that, it's a book and retain long term fixed rate assets is, you know, incur the substantial duration risk is hard for someone on the risk of stomach. It's really a period of commercial loan assets is the the short weighted average life of those assets and obviously higher returns. So it's just an asset class that was appealing to a lot...

...of banks and I think during the pandemic, a lot of banks we're hoping that that they were more invested in those asset classes, wishing they had been, I suppose as well. So you actually did kind of enter the space during the pandemic, which is, I guess, a little bit unusual to me. I'd love to hear the thought process and kind of how you first got into the space. I certainly know many, even of the banks that were originating consumer loans took a hiatus, or at least substantially in their policies during the crisis, at least in the early days, and you guys kind of went the other directions and this is a good time to invest, though. Why did that feel like a safe time to invest to you, and how did you choose to enter the space at first? And so we chose to purchase a portfolio of consumer loans actually from a bank that partners with then Tex, and so from that was really a an eye opening experience for me. We were able to learn from that bank and to see all the the data analytics that are involved in that process and you know, a lot of banks. I think looking back, we're shocked at the performance of consumer loans during that period of the you a lot of it was because of the stimulus efforts and things like that, but we were really not invested. A very small percentage of our portfolio was comprised summer loans and so, relatively speaking, in our entire loan portfolio it's still was a small portion of our overall picture, of the overall picture. But we were will to do that small approach and we're able to use the risk management to be able to accept the accept that risk in order to grow our earnings. It was really a necessity. So but yeah, it was through that that purchases that could sumer loan were opened. Our eyes to to that experience in the scale that day type partnership still offers. Yeah, it's interesting. I'm also here as you made some comments. We're talking earlier about the perception of risk on consumer lending and maybe what you think the realities of risk are. I'm curious do you think there's a overestimation of the risk of consumer loans in general and the banking space. And why do you think that is? Absolutely, especially when it comes to unsecured lending. I think a lot of bankers group unsecured lending in the same bucket. All of it is is risky and a lot of them want to...

...stay away from me. But for sure, when we were for explored researching getting into the little bit more into the unsecered learning space, I was analyzing a report that's put out by experience called a payment hierarchy report, and so they really aies and research how consumers prioritize different unsecured tradelines, so whether it be bank cards or retail and personal loans, and actually personal loans were put at the top of list when it comes to the payment priority. Is what experience found, and so we just felt that over time, really personal loans have really grown to be a bigger part of what banks are doing and they're they're a little bit more accepting of that just and it's almost a necessity, because a lot of times consumers also didn't look to personal loans. I think more of and more in refining use cases for them and ways that they can benefit fit from them in their personal life, whether it be to cansolidate dead or anything like that. So yeah, we've certainly seen that from the consumer preference point of view, that a lot of the unsecured debt opportunities are even secured debt in form. Helocks are really a line of credit oriented and for a lot of the purchase that people really the average consumer is not that savvy about a line of credit, the cost, how to pay it down, what's my payment to be out of this thing in two years or three years, like, what am I really signing up for? I think they they enjoy the certainty of an installment line, installment credit, versus revolving credit, which is something that we haven't really focused on. We got credit cards, we had helocks. are a lot of kind of lines of credit that install them. That, I think, for real borrowing, is something consumers appreciate. It's a more clear way to understand the cost and term of their borrowing when they're really borrowing money for an extended period. Absolutely and curiously that so you got into a FANTECH partnership. You are on the risk side. So I want to ask this is an area where I think many institutions struggle with. How do I get comfortable with the operations, but my partner has with kind of the way those things are going. You guys are able to get over that hurdle for the initial purchase and then we'll talk about kind of where you've moved from there. But how do you think about approaching that question and do you have advice for other institutions that are looking at fintech partnerships? And how do I get, broadly speaking, the institution, the bank on board with taking the risk going into that space where many, I think many banks...

...fall down with it just being able to get comfortable with stepping into that space and having a partner who's doing things on their behalf. I think first of all, I would I would like to point out that if you look at the data, your customers are probably leaving your bank and going to a lot of fantech lenders. I read recently that over fifty one percent of personal loans are now funded by or originated by thanks, and so if we don't start these things, as you know in the in the banking industry, we're going to continue to lose customers and so I would say again ultimately the greatest risk is that you're not able to meet the needs of your customers and you become stale. And so I would say, number one, that would be something to question and to early, and then number two, I would say try to engage your risk in compliance people and try to find ntache partners that are proactive when it comes to compliance, like, for example. That's what was so appealing about a start working with the CFPB and getting the no action letter and looking for products that really enhance your customers lies. That's what it's all about, is trying to find customers and trying to find models that enhance your customers lives. So that's, you know, obviously affordable credits and additionally, by engaging your wrist department, you're able to use some of the frameworks that we utilize in other areas, such as management, which is something that I have a, you know, a strong background, and sure to manage that problems of trying, because when you approach a new Fintech partnership or something like that, it can be overwhelming to think where do I start, where do I start reviewing documents? But if you take that same approach, there's certain areas that we want to review for a new vendor. Kind of take that same approach and then try to identify areas to kind of, you know, to flesh out, to research to make sure that your team is comfortable with all those different areas, or continue to ask questions. And so I would say vendor management is a great framework to use for that. But also, again, it's just it's getting comfortable with the fact that we're going to have to learn how to do new things and manage new relationships and partnerships if we want to remain relevant. So, but at the end of the day,...

...really it's about trusting the people behind the company as well. You have to have transparency, you have to have a partnership model, or else it's not going to work. I think a lot of banks are really, really tired of being Hamstrong by some of the larger banking providers, whether it be FIS Jack Henry, and having to wait forever when you project implementations and things like that as so the more that we can work with companies where it's more of a partnership, where we can grow, I'm usually beneficial way. That's that's going to be key. So, but it is finding the right partners, it is finding the the ntext that are are looking to improve people's lives. Ultimately, I think that's what it's about and if they're not doing that, we should partner with them. Yeah, I think it's a great point. It's I've said this to several of my guests, but you know, I had to think of the technology space, where there's so much focus on figuring out how to solve paint points for the user. It's not the public perception of banking, but when you actually get into the banking sector, you know people are generally in a trying to find the right products to help consumers meet their needs, and that's always a refreshing thing and I think that joint North Star is a critical thing to have between, you know, the bank and an event a partners like or. We really here for the same thing, which is to make our find that the needs of a consumer, to solve them in the best possible way and to get that consumer access to the products and services that they need. In that that's always been our motivating factor. I think you've kind of talked about this, but you kind of made a decision to shift a little bit from, you know, the original purchase of an asset. We won't defin really matter who they're from, but to actually being able to originate these products directly to your own consumers or acquiring consumers, but not not just an asset purchase more but actually an ongoing originating program talk a bit about the decision to switch to that model and was purchasing a loan portfolio helpful and getting the bank comfortable with moving to actually originating those kinds of assets directly. So yeah, absolutely. We, like I sub mentioned, we originally purchased a portfolio is composed of all unsucerre model basic on secure for soonal loans, and that was really my first main project here at the bank, and so it was a lot to get over that hurdle and we get people comfortable with that. But then we saw how those loan perform. Like I mentioned, they outperform every asset class and so that got people more comfortable...

...with that and realizing that just because it's a nicely here loan doesn't mean that they're all going to get charged off. It's really getting good at under the data and understanding that there are going to be lots, as in every type of loan, very you know, ultimately, but it's getting comfortable with the data analytics and getting comfortable with how we're approaching the underwriting and things like that, and so that was huge. That was a really a pivotal moment for us. And then we really realize that we want to serve the customers in our community. That's what we're here to do. And so yeah, that's what led us to some of these that partnerships, and I think kind of spoke about this earlier, but a lot of banks just decide that they can't do consumer lendy Danny substantial degrees they will refer people that come into their branches to other organizations, whether it be credit games or you know so forth. So I don't want that to happen here. I want us to be able to offer our customers whatever they need when they come to the door, full service, and so that's been ultimately my mission and what I try to do every day is how can we deliver our customers that walk into the door every single product that they would need to help improve their lives? And so I guess it's a mission of this bank and it's also a personal mission of mind because, coming from that consumer background, I just see how offering some of those you know products can really enhance people's lives and it kind of goes back to a lesson that I learned when I was in the branches as an assistant manager and trying to hit logals. It was something that, you know, every month we had you a cow goals and you logals and things like that, and it was a struggle for me to try to find ways to motivate staff and get them aligned with that. And then I had a mentor that only is so trying to hit numbers. Let's just focus on saving every person that comes in that door as much money as we possibly can, and that was kind of a pivotal moment for me and helped me realize kind of the why behind what we're doing. And if you can help people understand the why what we're trying to do, you can really accomplish a lot more when you kind of are all aligned on that that general purpose, in that general goal of what we're doing at the end of the day. So when it's so...

...much more motivating for the employed to feel that connection with the we it's interesting. We do this thing it upstart where every Friday we get the whole company together Tgif, a kind of Silicon Valley type thing but we read a borrow review every week. You know who's somebody's come on and said thanks for this loan, here's what I did with it, here's how it's changed my life, and it's so motivating. I think it's easy to lose touch with how your products, particularly when you're technology enabled a product. You lose touch with how it connects to that consumer, what is really doing for them, why it matters to that person that you're helping. But that is the true north and it's the thing that's not only makes you more effective but I think, also motivates you. Most people don't. They don't get the business to plan numbers game or it's not a sort of video game with excel. It's so that we had to do actually help other human beings, and seeing that direct connection, I think, is so motivating. Absolutely all right, so you were talking about, you know, deciding to help the consumer get into originating. What's your path towards getting to that and are you looking past, you know, the unsecured that you talked about to other kinds of consumer loans that have not traditionally been done at the bank? Like what? What do you see moving forwward is where your focus lies and and kind of the consumer lending space. Ultimately, we want to be able to, like I said, to offer our customers the best in breed for every type of loan product, and so I'm out personal loans. We're going to be looking to get more into the auto space as well. So we're going to be doing auto loan refinances as well and hopefully in the future focus more on direct auto. You know, in my background I found that people pay their car loans they got they have to get to work, how they have to get their kids to think here yea. So I feel like that's another area where bankers kind of you know, they write those off as well because they think that auto loans are risky. But I think that's another misconception because people will pay that car before they a lot of times pay anything else because it's just so important in their daily lives. So I think that auto lending is another area for us to export in to continue to grow, and some of that we're going to look to do next. Certainly a critical consumer need. R I think if you got in this country, at least you got out of car to get to work, to get to school. They get to all the things you need. So it is something and we certainly say it. You talked about the payment hierarchy or the waterfall. I think auto loans typically said above unsecured...

...loans in the payment I archy, and it's sometimes even above a rental mortgages because they're, you know, the thing you really need to get to work and pay the rest of the bills is the ability that it's actually access that. So it is a more safe form of lending than many people appreciate and absolutely another area that we're getting into, as well as home improvement lending, and that's another huge op like that, and especially being in Florida, we have a lot of thousand people a day are moving the Florida. Those people are producing new homes, yeah, renovations and generally, and then the people that they sold their home too, were also doing in, you know, renovations and home improved the projects. Got More people working from home, for they're creating offices in their home and they're so home improvements huge opportunity. And how are you tackling that? Are you doing that through like the more traditional Heloc Prot I know has been, you know, a bit of a decline. Are you seeing good demand like I'Mag curious how you're tackling the home improvement space because it's yeah, you seem, you know, unsecured lenders making offers. Are we certainly see are our lending partners have unsecured have unsecured loans going to home improvement? But then you also see the the whole equity secure loans that can mortgages, helocks. How are you kind of trying to support the customers as their particular focus on your approach in that space, so to fold? So there's kind of two ways that we're accomplishing that and, like I mentioned, we are heavily focused in business lending and business relationship here, and so we recently partner with the Ventech money that does point of sale home improvement financing, and so we're able to offer that financing option to our business customers that are in that space so that they can offer those loans to their customers. So that's been a really big official relationship for us to work with that NTECH company. And so then on the other side, when it comes to our customers coming in for home improvement projects, we're planning to offer those through up starts. We'll kind of accomplishing that in two different ways, and so we're going to hit that full blast. I like that and it brings me to that question I want to ask you about, which is I certainly see, as we think about digital transformations, some institutions who focus on kind of...

...one platform to rule them all. I want to find one vendor that can that can do everything. Digital kind of get me to the future with what one throat to choke, and I'm not always convinced that's the best approach. I'm curious your thoughts. You clearly have at least two approaches and just this space, or two partners. You know, you made a loan purchase as well as getting into fantach partnership to urge. What do you think about, you know, one partner that's kind of trying to do everything, or specific partners that you think can deliver in certain areas? How do you approach that question? A lot of times, I think banks they wait for some of their huge players, so you know Fi, ask Jack and or anything like that. They wait for them to come out with all the product solutions and by the time you you wait on that, you wait to get on their project lists and then you finally launch those products. They are generally just a revamp of something that you're already offering. They may already be still and so I think things are going to have to start finding more nimble companies, such as an upstart or another fintach partner that can kind of weave through Apis and things like that into those solutions so that we can continue to innovate in to offer some of these these new products and services that are continuing to sell, you know, and to develop. So I think that it's going to be extremely difficult for existing on incomments to just wait on on some of the legacy providers, because you know, by the time you watched that new online making solution it's going to become stale. So you got to you got to keep looking for new solutions and try to find the best in breath the multiple providers. I think that's I've actually heard that from of some of your other guests on the podcast. They've experiencing this strange those the seam frustrations as well, where we really we can't just wait on them to come out with the next thing. We got to be proactive about it. So yeah, you really gotta push to move quickly and then I think your point about integration, tightly weaving three Apis it's you know, I came from the enterprise software world into the lending space in and there's such a focus on modular interconnectivity now because your crm is keet into your email. You probably don't buy them from the same place. Maybe you do your Microsoft customer, but many people are now seeing these intro good systems very tightly woven together and I don't know that there's any...

...good reason you can't do that with the front experiences, to present a nice n of flied front to your consumers, to your banking customers on the commercial side, but but actually find the best solution for individual needs that you can move quickly, and that could be one provider doing two or three things and it can be to our three providers and I think it's a smart approach. But it's interesting to see how many people are waiting on whether it's a legacy provider or a single fintactic all. I'm going to do it all, and you know waiting is I think that the key message I might be taking away from your conversations. Waiting is riskier than you think. Doing nothing is riskier than you think, even though maybe that's the history of the industry. Yeah, I recently read a report from there's a fantastic report on embedded finance from horror sown advisors, and they will debt. Where most banks, we're spending a lot of their resources doing new projects and a lot of them is just what they consider a new project, is just a or a new service is just revamping and existing products though online making, rather than are we truly offering a new product or a new solution or a new source of revenue? So I think it's going to be important for banks to try to figure out how to weave in Fintech into their existing product sets and to offer new solutions rather than just revamping existing solutions put a fresh cut of pain on the old thing. I did want to ask it's your working I'll start one thing. I maybe I should have done this earlier, but you know I've starts. Platform is a bit unique for many of our partners and the leveraging of Ai for credit decisioning, that kind of sophisticated underwriting. I'm curious. You know two things for that from your point of view. One was that component, the capabilities are something that was you know, interesting in a real value driver from your point of view, into how did you get comfortable with the efficacy of a model that's that's not as clear as the traditional kind of here's five rules and the civil pricing table? How did you think about that, the value that brings, and then getting comfortable with, you know, the the way you can kind of oversee that element of what how the partnership works? To answer your question in short, yes, that was one of the main reasons that we decided to go with upstart, and part of that was, I kind of alluded to earlier, the study that was done by the the CFB...

...that found that the model enhance creating access by over twenty seven percent. And so the reason behind our decision to move were with that model was because of up starts proactive approach when it comes to the regulatory sign of things and our our goal to enhance credit access in our communities. And so that was a huge benefit. We see ai is something that that's not an evil thing. It's something that can help us to do more and to take out some of the some biases that are just inherent and kind of a desktop learning environment. And so yeah, to as your question that was the major contributing factors to go for our you know, decision to go with up start was because of the the ability to enhance credit access through that model and also due to up starts proactive approach when it comes to dealing with regulators. Well, I love your point to that again make this kind of a theme for our conversation a but you know, there is always questions about potential bias and AI. But I have to remind people that there's also potential bias in the way we've always done things. Credit Scorps aren't equally distributed among different kinds of populations and decisions that are manual or subject of bias who. So there's always you know, it's an important question and it's why we, upstart, decided to tackle it head on with the with the bureau early. But it's also important to recognize it. The risk of potential bias there is also has to be counterbalanced with the risk of bias in the way the systems always worked, which we know is not been optimal. So that's great to here. And also another thing that led us to have a little bit more confidest with the model is that we do have control of some of the overarching parameters with the system. So the way I see it really the the the AI is enhancing the the ultimate decision, but we're still the ones that are making a lot of those higher level decisions when it comes to the credit access and so I really see it as a way to bring in more data, to think about more pieces when it comes to the entire puzzle of a consumer's credit history. And ultimately we're still in control of the overall program to ensure that it's successful and it is...

...enhancing credit access is doing the things that we want. So Ai is not some you know, consciousness and the sky that's making these, you know, Dreponian decisions. It's it's really a way to enhance our decision making process and we have to manage it every day, just like anything else. But I don't think that it's something that's inherently evil. You know, we're still in charge of making those overall decisions. So I think that's that's far more inherently unmanageable. Yeah, it is a manageable thing that you can you can tackle. Well, any closing thoughts? He as you know, I've got three questions. I like to you listen to these episodes. I can the episode with it. In any closing thoughts before I fire your three rapid fire questions for you. I think we can just jump right into those rapid fire questions because I have. Let's do it, I answers for this. Yeah, I know. I'm glad you thought about them a bit of it. So my three closing questions that I always use. Number One, what's the single best piece of advice you've ever gotten? Career Advice, and we were talking about this little bit earlier, but this is this is unusual answer to this question, but the man who started this being Mr Drummond, when I first started here, he actually gave me a poem and the poem is called the Calf Path and I'm not going to read the whole poem, but just kind of summarize. It's about a half three hundred years ago who just kind of wandering around on his way home and he walks through the woods and makes this crooked and ourly path, no rhymeries, and he's just trying to get home. Well, then the next day a dog goes down that same path, all right, and then a sheep, and then the sheep brings an entire flock down that path. Then next thing you know, you know many men start falling that same path. They're complaining the whole time that it's crooked and difficult to navigate, but they continue down that same path anyway. Well, ultimately the road becomes a village and then a thriving metropolis where entire city is built on that path. And so at the end of the poem the author says, for men are prone to go it blind along the path paths of the mind and work away from Sun to Sun to do what other men have done. So essentially, I think that's it's extremely relevant to the banking industry...

...because a lot of times we just get stuck doing the same things just because that's the way we've always done it. So someone just decided along the way this is the way we should do this procedure that procedure, and then when we have a question that, it's well, this is the way we've always done it, so we're going to continue to do it that way. So when you're looking at new things, whether it be fentech partnerships or anything like that, just think about this poem and just think is there a better way that we could be doing this to serve our customers. So I think that was the the best lesson of my career and some of that I try to think about every day. So a lot of career advice through poetry. That said is a first on the PODCAST, but I appreciate it. I think it's great. Well, for those who are in justed, we will get the link or the text of the poem in a show note so you can see the whole half calf path poem for yourself. So, mad second question for you. What's the single best of device? You've gotten about the consumer lending space. It's actually something I touched on a little earlier in the podcast. was, instead of focusing on hitting individual logals and looking at numbers, to trying to motivates down, to try and get people aligned on a goal, just focus on what you're doing for that customer. So comes to Autorefis and personal loans, let's focus on saving them as much money as we possibly can and improving their lives and everything else will take care of itself, because that's what we're here to do. We're here to help people, all right, I like that. And the third focus on your customer. Third, what is one bold prediction you have for the future? Hardest question. I truly believe that embedded finance is going to be a huge share of the puzzle and the entire Pie when it comes to consumer lending, you know, and really there's there's two main areas when it comes to embedded finance. And if you were to put a room filled with a hundred bankers, probably only five of them maybe turn. You're going to know what and ready find out what it's going on right now. And so really there's two main areas and we have invented finance and embedded fantach. And so embedded finance is the integration of banking services into non banking websites, applications, things like that. So a great example would be wallbreings isn't offering a checking account. Google is offering the...

...plex account out you have Amazon offering finance services. You have the buy now, pay later then text. That are they're weaving in the financing into those, you know, market places, and so that's an area where banks can compete in. It is going to be more difficult, but I believe in betted fintach is going to be the main area where banks can really compete and that is embedding fintach offerings into your existing productcess. Some great areas for that are going to be, you know, things like subscription management, build negotiation services area in mind we're hoping to offer here in the future, and so I think that that banks are really going to start to they really need to begin thinking about some of that instead of how can we read at the existing procedures. So I think I would urge a lot of bankers listening to this podcast really explore embedded finance and make sure that you are making those refugia partnerships to set yourself up for for success in the future as consumer preferences continue to change. I like embedded finance. Well, Matt, thanks so much for joining us out. I really enjoyed the conversation. I mean, I think the my main takeaway was probably the recurring theme of the risk of staying still, or the status quoll, versus the risk of change and not underestimating the risk of the status quoll. But you also broke new ground here with a career advice to be a poetry think a reminder to always focus on the providing value your customer and your consumers, kind of a tree, North Star and and don't forget about figuring out how to play and embedded finance, and now that's going to change the world. I think there's a great tips. So thanks, thanks so much for joining us today. Absolutely it was a fantastic conversation and hopefully I can be back out of the future. I'm sure we'll find a time to bring you back. Also. Thanks. Upstart partners with banks and credit unions to help grow their consumer loan portfolios and deliver a modern, all digital lending experience. As the average consumer becomes more digitally savvy, it only makes sense that their bank does to. UPSTARTS AI landing platform uses sophisticated machine learning models to more accurately identify risk and approve more applicants than traditional credit models. With fraud rates near zero, upstarts all digital experience reduces manual...

...processing for banks and offers a simple and convenient experience for consumers. Whether you're looking to grow and enhance your existing personal and auto learning programs or you're just getting started, upstart can help. Upstart offers an into in solution that can help you find more credit worthy borrowers within your risk profile, with all digital underwriting, onboarding loan, closing and servicing. It's all possible with upstart in your corner. Learn more about finding new borrowers, enhancing your credit decisioning process and growing your business by visiting UPSTARTCOM Ford Banks. That's upstartcom Ford Banks. You've been listening to leaders and lending from upstart. Make sure you never miss an episode. Subscribe to leaders and lending in your favorite podcast player, using apple podcast. Leave us a quick rating by tapping the number of stars you think the show deserves. Thanks for listening. Until next time,.

In-Stream Audio Search

NEW

Search across all episodes within this podcast

Episodes (94)