Organised by the alternative finance news site AltFi, the summit brought together alternative lending firms, digital banks, and industry players who are passionate about driving change in the financial industry. Topics discussed at the summit include hot subjects such as blockchain technology in lending, digitisation of mortgage and education lending, and trends in small and medium business lending. Regulatory issues such as transparency and disclosure practices and compulsory credit reporting practices were given the spotlight as well.
It was an insightful session on the up and coming innovations that are happening in the lending industry, regionally and globally. As a fin-tech start-up, we were very encouraged by the exciting potential and record growths shared by other groundbreaking companies in the financial industry. The trends shared by speakers and panelists also affirmed InDebted's data-driven digital-first approach as one that is in the right direction.
We felt that more attention could be given to the issue of risk management though. Risk is something that cannot be taken lightly in the financial industry. Given the exponential growth potential of alternative lending firms, it is necessary to consider how risk can be tackled to complement the company's scale expansion. P2P lenders may find that their business model has the advantage of scaling in size and volume rapidly. As a start-up focused on providing modern solutions with debt, we know that it is not possible to escalate debt management similarly. At least not without the help of technology!
Let us know if you were at the summit, or if you have any thoughts on this as well!