The revelation Julieann Thurlow had during last year’s Super Bowl had nothing to do with football.
While watching the game on television, the president and chief executive of Reading Cooperative Bank saw a commercial for the online lender Social Finance. She decided to try out its loan process for herself right then and, before the game came back on screen, her application was approved. She had an $89,000 personal loan.
“It hit me,” she said. “There’s nothing they can’t take away from us.”
Her worry about fintech challengers like SoFi — which considers millennials with student debt its main target and does not factor credit scores heavily into its loan decisions the way banks do — is how good they are at creating a fast and easy user experience. She feels pressure for community banks like hers to keep up, lest the fintech sector continue to expand at their expense from niche to mainstream.
For more on this story visit the following link: BankThink A community banker’s fintech ‘aha’ moment
Source: American Banker