Digit is a digital bank helps users save money; a new feature within the app will pay cell phone bills...
Recently we learned that Direct Lending Investments, one of the largest fund managers in the alternative lending space was suspending...
Harit Talwar discussed the new Goldman Sachs online lending platform, Marcus, and six ways the company is striving for a competitive edge in the market at LendIt USA; one of the platform's top marketing initiatives is direct mail marketing which Talwar say consumers are highly responsive to; the firm is also not charging any fees, allowing for one deferred payment and staffing its call center with human agents. Source
Clarity Services is one of the US market's alternative credit data providers; in their featured blog post they provide a white paper detailing the benefits of using alternative credit data from Clarity Services for direct mail screening and marketing campaigns; by using an expanded set of data, the company suggests lenders can reach more creditworthy consumers. Sponsored Blog Post
In a speech last week to the US Chamber of Commerce, CFPB Richard Cordray provided thoughts geared towards fintech companies stating, "One message we are sending to the industry is, you are not going to be able to take advantage through arbitrage of our regulatory system. It's not fair for you to not have to meet the same expectations that banks have to meet. If you're trying to get an advantage by not meeting the same standards, that is not acceptable and we're trying to send that message loud and clear."; Cordray also spoke on finding the right balance of fintech regulation, modernizing regulations and the Bureau's look at debt collectors and payday lenders. Source
Discover Financial Services CEO David Nelms stated, “It really takes a decade of experience going through cycles to understand how to use credit bureau information to have good predictions…The funny thing is they’re not making money, even in a great cycle.”; Nathaniel Hoopes, executive director of the Marketplace Lending Association provided his own comments on the manner and how marketplace lending is putting pressure on credit card issuers and other traditional lenders. Source
In the market today there are so many great options for low/no fee checking and savings accounts; many of these...
Discover plans to use artificial intelligence in order to learn more about their personal loan applications; for instance, shopping at...
President Donald Trump has issued an executive order requiring the Treasury secretary and regulators to come up with a plan to overhaul Dodd-Frank and its over 400 regulations; the banking industry's tighter regulations have been a factor helping the success of marketplace lenders since the financial crisis and deregulation in the sector could create new challenges and increased competition for marketplace lenders; as the government begins to take deregulatory actions for traditional banks it also seems that marketplace lending has reached a phase likely to see increased regulations and involvement from regulators; these two forces along with other market factors could change the competitive landscape for the marketplace lending industry. Source
Envestnet has almost triple revenues in the last five years, in part because of their acquisition strategy; some are beginning...