Technology and mathematics are transforming consumer lending. Historically, it has been nearly impossible for people with bad credit to get loans. Yet, these are often the people who need it most - to buy groceries or pay bills. Until now, lenders determined who should get loans through a simple underwriting function based on a small amount of credit data. When this data is missing or wrong, banks deny the loan, leaving people to payday loans or pawn shops - very expensive options that put people further in debt. Millions of people are being denied credit because underwriting hasn’t evolved. Why use only a handful of variables when we have vast amounts of data provided by the customer, the Internet, and social media? All data is credit data and we should use it all to make better underwriting decisions. Analyzing vast amounts of data, however, requires complex machine learning more akin to search engines than your corner bank. The future of financial services is to become more like a recommendation engine, and less like a place where you stand in line to deposit checks. The panelists will discuss how to use large-scale data analysis to re-invent underwriting and replace today’s antiquated methods. Better underwriting will open up good credit to people who don't have a lot of good options and materially improve the financial lives of the people who need it most.
Douglas Merrill is the Founder & CEO of ZestCash - a financial services technology company committed to serving the underbanked - and was previously CIO and VP of Engineering at Google. Douglas is also the author of “Getting Organized in the Google Era: How to Get Stuff Out of Your Head, Find It When You Need It, and Get It Done Right”, a book on personal and workplace organization. Prior to Google, Douglas held executive roles at Charles Schwab, Price Waterhouse, and the RAND Corporation. He has a Ph.D. in Psychology from Princeton.
Ryan Gilbert is CEO of BillFloat, the first payment service that offers consumers ‘more time to pay’ bills through partnerships with Small-Dollar lenders.
In his leadership role Ryan is focused on marrying the needs of consumers with those of regulators, billers, banks, infrastructure providers, and other financial institutions. Centrally placed within a number of far-reaching industry initiatives, Ryan prioritizes the development of commercially viable financial products that also support consumer advocacy platforms.
Ryan’s experience and influence within the payments market has made him a popular speaker at industry conferences including the Future of Money & Technology Summit, NACHA Payments, and CFSI Underbanked Financial Services Forum. Ryan is also an active investor and advisor to innovative early stage payments companies including Eventbrite and Square.
Ryan was previously an Entrepreneur-In-Residence at Venrock, where he focused on financial services opportunities. He was CEO/Co-founder of real estate payments company PropertyBridge (acquired by MoneyGram International in 2007). Ryan also brings strategic experience from roles at Wells Fargo Payment Services and Andersen Consulting.
He is a member of the State Bar of California and is admitted to practice law in the UK and South Africa. He earned his Bachelor of Commerce and Bachelor of Laws from the University of the Witwatersrand, Johannesburg.
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