This week, Alex chats with Scott Sanborn, the CEO of Lending Club, to discuss the ever-evolving relationship between banks and consumers.
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 outpacing wage growth for higher earners, 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 problems?
Scott and Alex discuss why loyalty, great pricing, and customer service are inversely correlated at most banks and how a more customer-centric approach is becoming necessary in today’s increasingly competitive market.
00:00:43 – Lending Club: Revolutionizing Financial Services
00:09:14 – Unlocking Opportunities for High-Income, High-Debt 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
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Learn More About Lending Club:
Website: https://www.lendingclub.com
Follow Scott:
LinkedIn: https://www.linkedin.com/in/scottsanborn/
Follow Alex:
YouTube: https://www.youtube.com/channel/UCJgfH47QEwbQmkQlz1V9rQA/videos
LinkedIn: https://www.linkedin.com/in/alexhjohnson
Twitter: https://www.twitter.com/AlexH_Johnson