Consumer Lending Perspectives - PYP-24-TrailerV1
[00:00:00] [00:00:05] Welcome to Consumer Lending Perspectives, a podcast where we talk to financial industry [00:00:10] leaders about trends in consumer assets, underwriting, performance, customer acquisition, [00:00:15] fraud prevention, liquidity, and more. Hosted by Jeff Bogan, [00:00:20] CFO at Upgrade and FinTech Veteran. This show delivers key insights on the topics that [00:00:25] matter most to you.[00:00:30]
[00:00:32] Welcome to the Consumer Lending Perspectives Podcast [00:00:35] brought to you by Upgrade, a fintech company that offers affordable and responsible credit, mobile [00:00:40] banking, and payment products to mainstream consumers. I'm your host, Jeff Bogan. [00:00:45] Fintech is a partnership and it is meant to be collaborative [00:00:50] to the depository and is not meant to wreck or destroy or [00:00:55] replace.
[00:00:55] Uh, the depository upgrade has almost 6 million loan [00:01:00] customers, and we have weekly ongoing conversations with a unique group of 250 [00:01:05] plus banks, credit unions, and other credit investors. And so that's one of the reasons why [00:01:10] we decided to create this podcast and host guests that can bring those insights to you.
[00:01:14] [00:01:15] Basically periods of time or situations where your credit scores [00:01:20] don't reflect the credit quality you get through the door. Uh, I always say that a credit [00:01:25] score gives you the ability to select the best of the applicants, but if there are no [00:01:30] good applicants, you can't make good loans out of them. If you are the lender at the end of the [00:01:35] day, the fintech may have been the funnel to bring you the loan, but you are ultimately responsible, [00:01:40] uh, for that loan too.
[00:01:41] So those are, I think all important. It's just, you know, do your homework. [00:01:45] There are some, some really good pieces out there by the regulators that, you know, give [00:01:50] you how to do your due diligence. You know, what questions to ask? How do you [00:01:55] integrate with the institution? How are they collecting? Uh, on the loan, go into it [00:02:00] really with an eyes wide open kind of approach.
[00:02:02] I mean, I'm, I'm a model developer, right? [00:02:05] I'm originally a physicist. I'm all about data and making models. And yet my message [00:02:10] today is intuition. Put yourself in the mind of the [00:02:15] borrower. Ask the question, why do you want a loan now? [00:02:20] If you want all good answers to that question, when you have some negative questions and [00:02:25] some negative answers of, you know, it's not a very good time to borrow money.
[00:02:29] [00:02:30] Do you really need it now? What we learned and have seen with some successful conversions [00:02:35] and some fintechs that have even taken on bank charters, or just chose more of a depository [00:02:40] partnership kind of model as we're kind of watching that synergy [00:02:45] between the 2 institutions form depositories. Have cheap cost of [00:02:50] capital, low cost of funds.
[00:02:51] FinTechs have a better tech mechanism, [00:02:55] uh, to generate loan growth. I'm really excited to go on this journey with you [00:03:00] and I want to hear your thoughts and feedback from these topics. And I want to hear your [00:03:05] suggestions on the types of hosts and the types of conversations we should have. There's a lot that we can all [00:03:10] learn together and I look forward to doing it with you.
[00:03:13] Thanks for listening to [00:03:15] consumer lending perspectives. Subscribe for more expert insights and strategies from [00:03:20] finance leaders, and share the show with your network. Until next time, stay [00:03:25] ahead in the ever evolving world of consumer [00:03:30] [00:03:35] finance.
[00:00:00] [00:00:05] Welcome to Consumer Lending Perspectives, a podcast where we talk to financial industry [00:00:10] leaders about trends in consumer assets, underwriting, performance, customer acquisition, [00:00:15] fraud prevention, liquidity, and more. Hosted by Jeff Bogan, [00:00:20] CFO at Upgrade and FinTech Veteran. This show delivers key insights on the topics that [00:00:25] matter most to you.[00:00:30]
[00:00:32] Welcome to the Consumer Lending Perspectives Podcast [00:00:35] brought to you by Upgrade, a fintech company that offers affordable and responsible credit, mobile [00:00:40] banking, and payment products to mainstream consumers. I'm your host, Jeff Bogan. [00:00:45] Fintech is a partnership and it is meant to be collaborative [00:00:50] to the depository and is not meant to wreck or destroy or [00:00:55] replace.
[00:00:55] Uh, the depository upgrade has almost 6 million loan [00:01:00] customers, and we have weekly ongoing conversations with a unique group of 250 [00:01:05] plus banks, credit unions, and other credit investors. And so that's one of the reasons why [00:01:10] we decided to create this podcast and host guests that can bring those insights to you.
[00:01:14] [00:01:15] Basically periods of time or situations where your credit scores [00:01:20] don't reflect the credit quality you get through the door. Uh, I always say that a credit [00:01:25] score gives you the ability to select the best of the applicants, but if there are no [00:01:30] good applicants, you can't make good loans out of them. If you are the lender at the end of the [00:01:35] day, the fintech may have been the funnel to bring you the loan, but you are ultimately responsible, [00:01:40] uh, for that loan too.
[00:01:41] So those are, I think all important. It's just, you know, do your homework. [00:01:45] There are some, some really good pieces out there by the regulators that, you know, give [00:01:50] you how to do your due diligence. You know, what questions to ask? How do you [00:01:55] integrate with the institution? How are they collecting? Uh, on the loan, go into it [00:02:00] really with an eyes wide open kind of approach.
[00:02:02] I mean, I'm, I'm a model developer, right? [00:02:05] I'm originally a physicist. I'm all about data and making models. And yet my message [00:02:10] today is intuition. Put yourself in the mind of the [00:02:15] borrower. Ask the question, why do you want a loan now? [00:02:20] If you want all good answers to that question, when you have some negative questions and [00:02:25] some negative answers of, you know, it's not a very good time to borrow money.
[00:02:29] [00:02:30] Do you really need it now? What we learned and have seen with some successful conversions [00:02:35] and some fintechs that have even taken on bank charters, or just chose more of a depository [00:02:40] partnership kind of model as we're kind of watching that synergy [00:02:45] between the 2 institutions form depositories. Have cheap cost of [00:02:50] capital, low cost of funds.
[00:02:51] FinTechs have a better tech mechanism, [00:02:55] uh, to generate loan growth. I'm really excited to go on this journey with you [00:03:00] and I want to hear your thoughts and feedback from these topics. And I want to hear your [00:03:05] suggestions on the types of hosts and the types of conversations we should have. There's a lot that we can all [00:03:10] learn together and I look forward to doing it with you.
[00:03:13] Thanks for listening to [00:03:15] consumer lending perspectives. Subscribe for more expert insights and strategies from [00:03:20] finance leaders, and share the show with your network. Until next time, stay [00:03:25] ahead in the ever evolving world of consumer [00:03:30] [00:03:35] finance.
