WEBVTT - LendingClub CEO Scott Sanborn Talks Credit & Holiday Spending

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>We promised you that we were going to continue on

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<v Speaker 2>the US economy and really the US consumer, the online

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<v Speaker 2>lending marketplace and platform for loans, credit cards, deposit accounts, insurance,

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<v Speaker 2>and where we're talking about Lending Club. They announced one

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<v Speaker 2>hundred million dollars share buyback just about one month ago.

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<v Speaker 2>It was about fifty not fifty, nearly five percent of

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<v Speaker 2>the company's market value on the day of the announcement. Now,

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<v Speaker 2>Atlas have been raising their price targets on the stock

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<v Speaker 2>this year, most recently again raising them since the company

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<v Speaker 2>reported earnings late October. The company posted third quarter results

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<v Speaker 2>that beat estimates. They provided a guidance range for new

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<v Speaker 2>fourth quarter originations with a midpoint above estimates. And the

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<v Speaker 2>stock it's actually up this year.

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<v Speaker 3>Yeah, it is. Shares of the two point one billion

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<v Speaker 3>dollar market cap company about fourteen percent of more than

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<v Speaker 3>twelve percent since reporting those earnings back on October twenty second.

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<v Speaker 3>Delighted to have with us Scott Sanborn, CEO of Lending Club,

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<v Speaker 3>also CEO for close to a decade at Lending Club

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<v Speaker 3>for fifteen years now also with us here in the

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<v Speaker 3>Bloomberg BusinessWeek studio. Herman Chan a Bloomberg Intelligence senior analysts

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<v Speaker 3>for US regional banks. He helped bring all of this together, Scott,

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<v Speaker 3>I want to start with you and just give us

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<v Speaker 3>some size and scope of the business, the consumers that

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<v Speaker 3>you're working with, who's interacting with the platform.

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<v Speaker 1>Yeah, So we serve a customer base we call the

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<v Speaker 1>middle majority. They are if you think about credit, which

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<v Speaker 1>we are a credit centric bank. If you've got a

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<v Speaker 1>lot of money, you don't need a lot of access

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<v Speaker 1>to credit. You pay cash for car, you save up

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<v Speaker 1>to send your kids to college. If you're on the

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<v Speaker 1>other end of the spectrum, you can't really access credits.

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<v Speaker 1>So there's this middle group that are high income, heavy

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<v Speaker 1>users of credit. So they can afford a car, they

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<v Speaker 1>can afford to send their kids to school, but they

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<v Speaker 1>need to use credit to do it. That's who we serve.

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<v Speaker 1>It's a really big customer base. It represents about a

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<v Speaker 1>third of the US population, but it's close to half

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<v Speaker 1>of the credit wallet. So they are more likely than

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<v Speaker 1>average to have every form of credit, and that credit

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<v Speaker 1>is with the exception mortgages, also larger than average. That's

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<v Speaker 1>what we serve.

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<v Speaker 2>How much do these people usually make our average.

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<v Speaker 1>And you know, obviously misleading averages can be misleading. But

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<v Speaker 1>average is about one hundred and twenty five thousand dollars.

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<v Speaker 1>But you can think of it of ranging between call

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<v Speaker 1>it eighty thousand dollars in individual income to about two

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<v Speaker 1>hundred thousand is where we really over index.

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<v Speaker 4>Great. One of the real highlights of your recent investor

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<v Speaker 4>day last we last month was the panel discussion with

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<v Speaker 4>Marketplace investors, and we talked about this earlier before your

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<v Speaker 4>appearance here on radio. One of the panelts talked about

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<v Speaker 4>being aligning performance expectations partnering with better operators. Are you

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<v Speaker 4>seeing that with the private private credit space.

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<v Speaker 3>Yeah, we do. So.

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<v Speaker 1>You know, we were born as a marketplace. Initially, everything

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<v Speaker 1>we originated we sold. When we acquired the bank in

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<v Speaker 1>twenty one, we started to hold a portion of our

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<v Speaker 1>loans on our balance sheet. That both gives us a

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<v Speaker 1>stronger and more resilient earnings profile also allows us to

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<v Speaker 1>do other things innovate using our balance sheet. And what

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<v Speaker 1>we found is just by aligning our interest with our

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<v Speaker 1>loan buyers, we're the largest eater of our own cooking.

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<v Speaker 1>We're the largest holder of lending club loans We care

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<v Speaker 1>very deeply about the performance of the credit and credit

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<v Speaker 1>is always evolving. It's very dynamic. Because we have a

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<v Speaker 1>balance sheet, what we can do is when we want

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<v Speaker 1>to test something new, we test it on our balance sheet.

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<v Speaker 1>Let's try longer duration, let's try a larger loan size,

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<v Speaker 1>let's try a new marketing channel. We hold that first,

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<v Speaker 1>own it, we own it, we make sure it performs

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<v Speaker 1>the way we expect, and then we release that to

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<v Speaker 1>the marketplace. If you don't have a balance sheet, you

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<v Speaker 1>can't really do that. And so that's visible in our

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<v Speaker 1>results across every aspect of underwriting. So lower delinquencies than

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<v Speaker 1>the rest of the industry thirty or forty percent below,

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<v Speaker 1>lower roll rates, higher recovery rates, lower prepayments, lower fraud,

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<v Speaker 1>literally every aspect that you can measure of credit out

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<v Speaker 1>performing on.

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<v Speaker 3>Has that remained consistent this year, in recent months, in

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<v Speaker 3>recent weeks, like you have a great real time view

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<v Speaker 3>of the consumer in the form of how well they

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<v Speaker 3>are doing in terms of paying back their loans. That's right,

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<v Speaker 3>still looking good.

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<v Speaker 1>Yeah, So that's been consistent for you know, we release

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<v Speaker 1>four years of data we put out there, and so

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<v Speaker 1>it's remained consistent but you know it's not it's kind

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<v Speaker 1>of like a duck on a pond. It's remained consistent

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<v Speaker 1>because we're doing a lot of work underneath the cover.

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<v Speaker 1>So you know, something that we shared an investor day is,

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<v Speaker 1>at any given time, we have more than two hundred

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<v Speaker 1>tests in the market where we're evaluating price points changes

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<v Speaker 1>to the credit. So we're constantly adjusting to reflect what's

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<v Speaker 1>happening with the consumer, and that's what's giving us the

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<v Speaker 1>consistent results.

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<v Speaker 2>Well, so that to me says you're very picky about

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<v Speaker 2>who you lend to.

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<v Speaker 1>That's true.

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<v Speaker 2>We are so in terms of your test. So tell

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<v Speaker 2>me what it is I mean, and how many of

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<v Speaker 2>people who apply or want to access your platform. You're like,

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<v Speaker 2>I'm out.

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<v Speaker 1>Yeah. So we're pretty good at selecting who we want

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<v Speaker 1>to have in our portfolio and reaching out to those

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<v Speaker 1>people and then both delivering the price and product experience,

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<v Speaker 1>but also, let's call it the user experience that gets

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<v Speaker 1>them all the way through. So we look for areas where,

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<v Speaker 1>for example, we can control the use of the fun proceeds.

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<v Speaker 1>If you come to me and say I want twenty

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<v Speaker 1>thousand dollars because I'm going to do whatever my kid

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<v Speaker 1>needs braces, or I'm moving cross country. Great, but unless

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<v Speaker 1>I'm paying the orthodontists, I don't actually know that that's

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<v Speaker 1>what you're using it for. Yeah, So we try to

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<v Speaker 1>set ourselves up so that we are in some ways

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<v Speaker 1>controlling the use of proceeds and then making the experience

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<v Speaker 1>such that it makes it really easy. So our largest

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<v Speaker 1>use cases for people who already have debt, credit card debt,

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<v Speaker 1>most notably, which at this point more than half of

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<v Speaker 1>all Americans are carrying. They're carrying it at really high

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<v Speaker 1>rates to three percent interest rate. It's highest they've ever

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<v Speaker 1>been in history. And we say, great, you should do

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<v Speaker 1>this instead. It takes less than five minutes. We're going

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<v Speaker 1>to save you seven hundred basis points. And by the way,

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<v Speaker 1>check all the credit cards that you have that you

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<v Speaker 1>want us to pay off, like we see you have

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<v Speaker 1>Chase or a cap On. Great, check those and we're

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<v Speaker 1>going to pay them directly, so we know you are

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<v Speaker 1>paying off your credit card debt. You're not just saying

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<v Speaker 1>you're going to pay off your credit card debt and

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<v Speaker 1>taking out more money. We are paying it off for you.

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<v Speaker 1>Benefit for you is you know you've consolidated everything into

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<v Speaker 1>one bill. Other benefit is your FYCO score usually goes

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<v Speaker 1>up by thirty thirty five points, right, because you've lowered,

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<v Speaker 1>you know, your your utilization.

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<v Speaker 2>How much can you lower? Like I'm going to tell you.

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<v Speaker 2>Credit card rates just blow my mind about how high

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<v Speaker 2>they are. And I'm just curious, why are they so high?

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<v Speaker 2>Are people so bad? Is it to cover? No, I'm curious.

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<v Speaker 1>Yeah, No, it's a great question.

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<v Speaker 2>It just seems like it's out of control, and I

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<v Speaker 2>think it prevents people from becoming financially solvent or creating,

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<v Speaker 2>you know, kind of getting ahead of the game if

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<v Speaker 2>you will.

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<v Speaker 1>Yeah. Yeah, there's a lot to unpack in that.

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<v Speaker 4>It is.

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<v Speaker 1>No, No, it's a great question, and you know there's

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<v Speaker 1>a number of questions underneath. But I'd say the biggest

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<v Speaker 1>thing is if you think about how people choose credit cards,

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<v Speaker 1>it is not based on the interest rate. Yeah right,

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<v Speaker 1>it's my Skymiles card or whatever, my retail store card.

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<v Speaker 1>I'm going to get rewards for this. They don't even

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<v Speaker 1>know what the interest rate is, or it's a promotional

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<v Speaker 1>rate that resets, so that's one they don't choose based

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<v Speaker 1>on that. Half of the people don't revolve on the

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<v Speaker 1>card they're collecting these rewards. Yeah, but they're not carrying

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<v Speaker 1>a balance. Well, guess who's paying for that? All the

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<v Speaker 1>people that are carrying a balance. Those people don't know

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<v Speaker 1>what their rates are. The research we've done is half

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<v Speaker 1>of all customers don't say they don't know the interest

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<v Speaker 1>rate on their credit cards, and half that say they do.

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<v Speaker 1>More than half of them are wrong, right. They think

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<v Speaker 1>they know their rate, but they don't. And so cards

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<v Speaker 1>have been able And one of the big resets with

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<v Speaker 1>the cards was was driven by the car Act, which

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<v Speaker 1>limited how much cards could increase rates, so they factored

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<v Speaker 1>in higher rates.

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<v Speaker 3>I just want to jump in real quick. We are

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<v Speaker 3>speaking with Scott Sandborn, CEO of a lending club. He's

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<v Speaker 3>been CEO for close to a decade. We're also just

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<v Speaker 3>getting some breaking news too on Apple. Apple's design executive

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<v Speaker 3>Alan Dye poached by Meta in at major coup This

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<v Speaker 3>is the most prominent design executives executive at Apple. This

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<v Speaker 3>underscore is a push by the social networking giant into

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<v Speaker 3>AI equipped consumer devices. We also have here with us

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<v Speaker 3>Herman Chan. He's Bloomberg Intelligence Senior analyst for US regional banks.

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<v Speaker 2>Thanks.

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<v Speaker 4>I wanted to follow up with you, Scott on some

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<v Speaker 4>of the medium term expectations you laid out an investor day.

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<v Speaker 4>You talked about doubling loan originations. We're talking about eighteen

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<v Speaker 4>to twenty billion dollars a year. What are some of

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<v Speaker 4>the levers to get you to that level? You mentioned

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<v Speaker 4>use cases. Maybe you talk about home improvement as a

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<v Speaker 4>use case, and how do you maintain solid credit quality

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<v Speaker 4>as you ramp.

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<v Speaker 2>Up that home improvement is something you're getting into, right.

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<v Speaker 1>That's right, yep. So first and foremost is as I mentioned,

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<v Speaker 1>you know, credit card refinding people out of their credit

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<v Speaker 1>card debt into a fixed rate, lower rate loan is

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<v Speaker 1>number one use case. It's it's about eighty percent of

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<v Speaker 1>what we do. That market is the largest it's ever been.

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<v Speaker 1>There's one point three.

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<v Speaker 2>Trillion eighty percent of what you do. Is that? Wow?

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<v Speaker 2>Go ahead?

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<v Speaker 4>Sorry?

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<v Speaker 1>So that is you know, one point three trillion in

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<v Speaker 1>balances priced at really really high rates. We you know,

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<v Speaker 1>when the rate environment shifted and the inflationary pressure shifted,

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<v Speaker 1>we pulled back on a lot of our marketing. So

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<v Speaker 1>we're currently running today at sort of below our historical volumes.

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<v Speaker 1>So we're just going back into that market turning back

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<v Speaker 1>on marketing channels that we had turned off, and then

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<v Speaker 1>the other areas. You know, personal loans can be used

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<v Speaker 1>literally for anything, right and before credit cards came around

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<v Speaker 1>and came to be, they were the dominant way consumers

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<v Speaker 1>accessed you know, credit for everyday need. So we have

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<v Speaker 1>a major purchase and business that's growing today, call it

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<v Speaker 1>fifty plus percent year on year. That's allowing things like

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<v Speaker 1>elective medical procedures, you know, lay six races for your kid,

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<v Speaker 1>you know, all kinds of procedure of fertility treatments, teeth implants,

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<v Speaker 1>so things that insurance doesn't pay for but you want

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<v Speaker 1>to do and you want to do right away. Private

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<v Speaker 1>school education it's another one. So home improvement is sort

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<v Speaker 1>of an next adjacency. People right now are staying in

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<v Speaker 1>their homes longer. You know, seventy five percent of Americans,

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<v Speaker 1>their mortgage rate is under five percent. They're not going anywhere,

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<v Speaker 1>and the homes are getting older. So the homes need

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<v Speaker 1>to be invested in, they need to be improved. So

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<v Speaker 1>effectively enabling home improvement through an unsecured loan, where again

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<v Speaker 1>we are controlling the use of proceeds. We can pay

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<v Speaker 1>the supplier we can pay the contractor. We've got the

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<v Speaker 1>capability through an acquisition we announced to you know, disperse

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<v Speaker 1>this in phases to multiple parties. So we're really excited

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<v Speaker 1>to kick that off.

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<v Speaker 2>We've only got like thirty seconds left. Hair consumer doing okay.

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<v Speaker 1>I'd say the consumer we serve is demonstrating themselves to

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<v Speaker 1>be remarkably resilient.

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<v Speaker 3>That a lot.

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<v Speaker 1>It's a drinking game, but we'll acknowledge that the sentiment

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<v Speaker 1>isn't great.

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<v Speaker 2>Yeah, come back soon. I have to tell you that

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<v Speaker 2>I think we're all like, I want to go, I

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<v Speaker 2>want to go. Please come back late, because I think

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<v Speaker 2>you have a great advantage and view into what's going

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<v Speaker 2>on in the economy. We'd love to Okay, we would too.

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<v Speaker 2>Scott Sandborn, chief executive officer of Lending Club, are amazing.

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<v Speaker 2>Herman Chen Bloomberg, Intelligence Senior Analyst for US regional banks