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!
44:36
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Quick takeaways
- Fintech is transforming traditional lending by using data-driven algorithms to assess creditworthiness and enhance consumer financial education.
- New fintech solutions are promoting financial inclusion by incorporating alternative data sources, improving access to credit for underrepresented groups.
Deep dives
The Evolution of Lending and Financial Literacy
Fintech has significantly disrupted traditional lending practices, historically characterized by personal relationships and discretionary decision-making by bank managers. This shift has led to a more data-driven approach, where algorithms determine creditworthiness, often resulting in misclassification and mispricing for many borrowers. The rise of digital lending platforms aims not only to provide access to various credit services but also to enhance financial education for consumers, enabling them to understand their borrowing options better. With consumer credit card debt in the U.S. surpassing a trillion dollars, the need for clearer communication surrounding lending terms has never been more critical.
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