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Leaders in Lending | Ep. 15

Unlocking the New Lending Experience: The Innovations of Hybridized Banking

Jeff Keltner, SVP of Business Development at Upstart, talks about what he’s learned from nearly a decade of working in the consumer lending industry and forecasts upcoming trends.

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GUEST SPEAKER

Jeff Keltner

Jeff Keltner is the Senior Vice President of Business Development at Upstart. With Upstart, banks and other lenders can leverage Upstart's AI platform in the form of a white-labeled lending application to power their own lending programs. Jeff joined Upstart after spending 6 years at Google. He launched and built the Google Apps for Education business, growing market share from zero to almost 70% in its first four years. Jeff spearheaded marketing efforts for Google Apps in Global 2000 accounts and led sales, business development, and go-to-market strategy for the launch of Chrome devices in the education and enterprise sectors. He spent several years in direct sales at IBM, always exceeding quota, and was a founding engineer and lead UI developer at SSB Technologies. Jeff holds a BS in Computer Systems Engineering from Stanford University.

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ABOUT

Upstart

Our mission is to enable effortless credit based on true risk. Upstart is a leading artificial intelligence (AI) lending platform designed to improve access to affordable credit while reducing the risk and costs of lending for our bank partners. By leveraging Upstart's AI platform, Upstart-powered banks can offer higher approval rates and experience lower loss rates, while simultaneously delivering the exceptional digital-first lending experience their customers demand.

 

 

 

 

 

Key Topics Discussed

  1. Differences between the phases of fintech innovation

  2. Latest advancements in innovation and digital transformation

  3. Hybridization of fintech and traditional banking

EPISODE RECAP & SUMMARY

When banks weren’t engaging the unsecured consumer loan market, FinTech saw an opportunity that others didn’t.

With the aim of lowering cost-basis, FinTech loan agencies successfully managed to reach more people and provide the kinds of affordable financial assistance banks refused to lend.

However, Jeff Keltner (VP of Business at Upstart), wants to leave those aims in the past.

Keltner believes that the industry of consumer lending needs to innovate beyond the sole goal of lowering cost basis and work toward a better end-to-end lending experience.

After nearly a decade in the industry, here are a few of the trends he’s noticed taking hold in the effort to improve consumer lending UX:

1. Simplifying processes

Automation is key in creating a more enjoyable experience for both the lender and the consumer. 

While quickening the application and verification processes serve as incentive for prospective clients, fraud still looms large in the digital banking world, so designing smart, automation-focused technology is a forefront industry goal.

2. Improving underwriting

Underwriting systems of the past have historically held back reliable consumers from acquiring financial help they need. 

Current consumer lending goals strive to improve these technologies so that a broader amount of people can access loans.

3. Digitizing new systems

Keltner suggests that unlocking the digital capabilities of traditionally in-branch banking products is the ultimate goal. 

Making the potentially high-risk investment to optimize chosen products with entirely new digital systems will enable businesses to reach new, unimagined heights.

These are a few of the trends Upstart’s Jeff Keltner has observed revolutionizing the industry into a safer, more accessible experience for everyone.


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Stay tuned for new episodes every week on the Leaders in Lending Podcast