Fintech Insider Podcast by 11:FS 920. Insights: How fintech is helping us get better at borrowing money
Dec 5, 2024
Join Rob Pasco, GM of Credit at Curve; Sophie Heriot, Account Director at Nova Credit; and Tom Davies, VP of Marketing at Yonder for a lively discussion on the evolving landscape of digital lending. They dive into how fintech is reshaping personal borrowing, emphasizing the use of alternative data for better credit assessments. The conversation also highlights the importance of demystifying financial jargon and building a fairer financial system to enhance consumer understanding. Discover the global perspectives on credit and the future of lending practices!
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Leverage Open Banking Data
- Adoption of open banking data can enhance lending decisions by providing richer financial insights.
- Fintechs often move faster than banks in utilizing such data for innovative credit products.
Fintech Drives Lending Innovation
- Big banks have lagged fintechs in lending innovation due to legacy systems and risk aversion.
- Fintechs pioneer new credit products, forcing banks to eventually adapt or follow suit.
Regulators Shape but Don’t Drive Innovation
- Regulators typically do not drive innovation but set boundaries fintechs push against.
- Some regulations, like representative APR requirements, are often ill-suited to modern products.