Podcasts

[podcast] LendKey’s Vince Passione: There’s no Uber-ization of finance because the banks will adopt technology. Eventually.

close

Email a Friend

[podcast] LendKey’s Vince Passione: There’s no Uber-ization of finance because the banks will adopt technology. Eventually.
As the interest in fintech and financial services in general continues to grow, there’s been chatter of an Uber-like disruption by the startups in the space. Our next guest, Vince Passione would beg to differ. He’s the CEO of LendKey which provides the incumbent banking system the digital tools it needs to sufficiently compete in marketplace lending. The issue right now isn’t whether marketplace lending is going to grow, it’s more of who takes the lead in this space. It’s worth listening to Vince because he’s been a major part of the move to digitize financial services, leading Citi’s move online and Ameritrade’s Institutional Client group. This move to online lending started with pure play disrupters like Lending Club and Prosper and is moving to a more collaborative environment with traditional institutions following quickly with their own offerings powered by companies like LendKey. The company has 320 clients and has helped originate over $1 billion in loans with its banking clients. In Vince’s opinion, there will never be an Uberization of finance because banks and credit unions do eventually adopt technology. They survive. Same thing happened in Internet banking. There is an entire system of trust and regulatory framework built around banks making them very hard to disintermediate. In this sense, LendKey is providing the shovels and pickaxes for the marketplace lending goldrush and it’s selling them to the big boys.

Listen to the FULL episode

In this podcast, you'll hear about the following:
  • How and why lending-as-a-service is being adopted by traditional lenders
  • Why banks aren't being Uber-ized
  • How this whole land grab for online lending will play out
  • New consumer demands for increased transparency, speed, and customization in payment terms
  • How future clients desire to engage with digital lending brands
  • How digital decision making is occurring at top performing banks

This week's sponsorCollective2

This week's episode of the Tradestreaming Podcast was sponsored by Collective2 -- automated trading for humans. Choose one of the thousands of automated trading strategies at Collective2, and trade it in your brokerage account. To learn more, go to www.collective2.com/tradestreaming and as a Tradestreaming listener, you will get $55 off the first strategy you publish to Collective2.

MORE RESOURCES

EVEN MORE RESOURCES

0 comments on “[podcast] LendKey’s Vince Passione: There’s no Uber-ization of finance because the banks will adopt technology. Eventually.”

Podcasts, The Customer Effect

How Gen Z likes to get paid with Amex, Wise, and DailyPay

  • Does Gen Z have different preferences and behaviors when it comes to getting paid?
  • In this episode of the podcast, we explore topics such as cross-border remittances, early wage access, and the evolving landscape of financial technology and services for Gen Z.
Zachary Miller | December 06, 2023
Podcasts

Tearsheet’s top 10 podcasts of 2023

  • What a year it's been -- from lingering COVID to bank failures to rising inflation and interest rates.
  • We track the year that was, through some of the top podcasts we published in 2023.
Zachary Miller | December 05, 2023
Podcasts

‘The Chief Data and Analytics Office is a team sport’: Vanguard’s Ryan Swann

  • Ryan Swann, Vanguard's Chief Data and Analytics Officer, champions the centralization of data analytics for business efficiency while highlighting the importance of diverse talent in innovation.
  • He envisions a convergence of offensive and defensive data strategies to enhance capabilities and reduce costs at Vanguard.
Zachary Miller | December 01, 2023
Podcasts

The state of bill pay with Solutions by Text’s Nick Babinsky

  • Consumers struggle with one-time payments, frequently forgetting to pay their bills on time.
  • Banks, billers, and payers can find success when simple texts are used as reminders and onboarding to payment flows.
Zachary Miller | November 29, 2023
Podcasts

‘If you can get Gen Z right, it’s going to build your bank for the future’: Citizens Bank’s Vice Chair, Brendan Coughlin

  • Regional banks like Citizens face a variety of challenges, from high interest rates to rising consumer expectations.
  • Brendan Coughlin, the bank's Vice Chair and head of consumer banking, joins us on the podcast to discuss how his firm is navigating the challenges and opportunities in this market.
Zachary Miller | November 21, 2023
More Articles