S5 Ep4: Unpacking the Post-Pandemic Era’s Most Interesting Financial Health Trends, with Scott Sanborn

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

 

Sign up for Alex’s Fintech Takes newsletter for the latest insightful analysis on fintech trends, along with a heaping pile of pop culture references and copious footnotes. Every Monday and Thursday: https://workweek.com/brand/fintech-takes/

 

And for more exclusive insider content, don’t forget to check out my YouTube page.

 

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