From the LendIt Fintech Vault: Personal Loans: The Keys to Success in a Competitive Market – by Credit Karma’s Ken Lin
With Credit Karma in the news this week, we thought we would revisit a keynote given by CEO Ken Lin...
Business Insider reports on the success of Bank of America’s investment in digital channels; reports that they added about 2 million users to digital channels, predominantly to mobile; mobile channel usage rose 34% year over year; article also compares active mobile users across competing banks Wells Fargo and JP Morgan. Source
Kabbage's study shows the increased usage of mobile devices for loan applications. Source
The Chinese government has stepped up their monitoring on payments, halted IPO approvals, issued new rules for online lenders and continued their crackdown on cryptocurrencies; China has been seen as an innovation leader, in particular in mobile, but the recent crackdown could set the country back as a leading fintech innovator; as the nation matures in certain fintech areas its regulators need to better handle how they react to the market; Michelle Evans, global head of digital consumer research at Euromonitor International, tells TearSheet, “The next stage of its development will require Chinese regulators to find the right balance that will be provide for consumer protection and fair operations while still enabling fintech the room to innovate.” Source.