Many aspects of our personal life – accessing higher education, taking control of our personal finances, purchasing high-priced household items – has a ‘financial product’ at its heart. That ‘financial product’ usually falls in the lending camp. Fixed loans, credit cards, bridging loans, student loans – all these products will be part of the outgoings and incomings of our current, savings and investment accounts as we move throughout our lives. How is lending responding to a society where old traditional notions of when to purchase and credit worthiness now seem stale and outdated?
This is the core of our session – People powered by Personalisation – at FTT Lending 3.0. Tailored finance, student debt, credit ratings and finding your personal at the point of sale.
In the US about 45 million Americans have student debt worth over $1.5tn. New US president Joe Biden has pledged to extend the pause on federal student loans payments in response to the COVID-19 pandemic recovery. In the UK the government announced plans to deny student loans to pupils who have poor A-Level results. No matter where you go – the issues around student debt and access to high education produce passionate views and a myriad of policy decisions.
Rishi Zaveri, Chief Executive and Co-Founder, Lendwise will be on hand to discuss these issues. According to Rishi, Lendwise was founded because the incumbent loan offering from high street banks for Higher Education is negligible to non-existent and ill-served. A loan for education at a reasonable rate gives the opportunity to young graduates to enhance their skills and augment their earnings capability without burdening them with unfair loan terms.
Point of sale financing, is when the merchant offers their customers a financial solution at the point of purchase, in order to assist them in buying the product or service, is a key component in assisting people with purchasing high priced items.
In fact, trendy (and pricy) Peloton may have, indirectly, created a FinTech unicorn. The fitness company accounted for 20% of the annual revenue for payments company Affirm in 2019 and 28% in 2020. According to analyst Rohit Kulkarni of MKM Partners, based on Affirm’s IPO filings, more than 60% of Peloton’s connected-fitness product sales occurred via Affirm during 2018. The two companies – one FinTech and one Fitness – are symbiotically linked.
Martin Magnone, CEO, Tymit will add his voice to our discussion of personal and real time credit at Lending 3.0. Tymit is a re-imagined credit card that is available in an instant allowing consumer to achieve more financial flexibility and peace of mind.
Keeping with the discussion around ‘the personal’ in lending is Swedish-based mobile loan and banking services prover Rocker. Head of lending, Oscar Alvarsson will round out our talk about the move toward tailored services and flexible credit. Rocker helps consumers taking control of their everyday financial life. It includes personal loans up to €28,000 for various purposes, account credits, P2P checkout payment services and debit card services.