00:21:30 · Oliver Smith, Terry O'Neil, S3
[00:21:30] S0: So you're yeah, you're matching that level so that they can have confidence in in how you're acting. Um, Terry, my last question. Um, what is the single most actionable thing that you would tell a bank leader who wants to future proof their lending stack whilst still expanding access uh responsibly? [00:21:51] S1: Um I'd probably give you maybe three really quick ones. I think first and foremost, take a look at the balances that your consumers are holding off you. Yeah. That will first and foremost show you that the demand is there and that you have an opportunity to further solidify your relationship. The second piece of is make sure that your user experience is seamless and intuitive so that you can move the customer through the experience quickly and easily. Yeah. And then lastly, don't stop at the loan. Sure. Make sure that you have a perspective on customer lifetime value. Make sure that you have a strategy to cross-sell those customers so that you can create a competitive moat around them. And I think what you'll see when when our partners have the right metrics in place, that the value of these consumers that would otherwise be missed or would otherwise fall through the cracks is in many cases higher than customers that they would have otherwise approved. They tend to skew younger, they tend to skew more digitally active. So they're more likely to self-service digitally. [00:22:49] S3: Yeah.
00:22:49 · S3, Terry O'Neil, Oliver Smith
[00:22:49] S3: Yeah. [00:22:49] S1: And because they're at a stage in life where they're managing debt, they tend to carry higher balances. That turns into and translates into higher lifetime value of the consumer. So make sure that you have the metrics in place to manage the value of approving that consumer at that point in time. [00:23:05] S0: That's super interesting. So the Pagaya customers actually skew higher. In many cases. Wow. [00:23:10] S3: Okay. [00:23:10] S0: Um, Terry, there there is plenty there for banks and fintechs to think about and to chew on. Thank you so much for joining us here on the Money Pot. Uh, it's been brilliant having you here with us. Uh, and to everyone listening, uh, thank you for being part of the conversation today uh and for caring about as much about the future of money as we do. Uh, you can subscribe to the Money Pot podcast wherever you get your podcasts, and you can find out more about money twenty twenty on money2020.com. Thank you, and we'll see you next time.