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May 29, 2014 · 20m · mad

Panel Discussion // Data Driven #27 // May 2014 (Hosted by FirstMark Capital)

Renaud Laplanche · 5m spoken Jeff Stewart · 2m spoken Matt Turck · 2m spoken Noah Breslow · 1m spoken Jeff Tenenbaum · 30s spoken Bruce Harris · 20s spoken
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At Data Driven NYC, host Matt Turck moderates a panel with fintech leaders from Lending Club, OnDeck, and Lenddo on the rise of alternative lending platforms, bank partnerships, data science infrastructure, and the future of traditional banking.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Matt holds 13.1% of the talking time here. How this is scored →

Matt as informed peer 2.4 Guest teaching 3.0 Guest disagreement 1.0 Matt pushing back 1.0
05100:0010:0020:000:00–6:01 · Matt as informed peer 1/10 Panelists Share Their Entrepreneurial Journeys Matt opens the panel by prompting guests to share their founding stories. The conversation is collaborative and conversational with panelists sharing personal anecdotes about reading credit card statements and founding earlier companies.6:01–10:53 · Matt as informed peer 2/10 Future Predictions for Alternative Lending and Bank Partnerships Matt asks about the five-year trajectory of alternative lending. James educates the room on Basel II regulatory requirements and loss rate caps, while Renaud and Noah discuss their bank partnership strategies.10:53–13:01 · Matt as informed peer 2/10 Audience Q&A: Traditional Banks vs. Tech Companies Matt asks if alt-lenders could eventually conquer the entire industry. Jeff Stewart corrects the premise of the question, explaining that consumer lending and small business lending across domestic and emerging markets represent fundamentally distinct sectors.13:01–16:40 · Matt as informed peer 4/10 Audience Q&A: Interest Rate Dynamics and Economic Resilience Matt introduces a critical macroeconomic question regarding how peer-to-peer lending platforms will handle rising interest rate environments. Renaud and Noah outline prime-plus pricing mechanics and economic correlations to reassure the audience.16:40–20:04 · Matt as informed peer 3/10 Audience Q&A: Tech Stacks and Data Science Team Structures Matt steers an audience tech stack question towards data science team composition and culture. Panelists detail their team sizes and emphasize that analytical skepticism matters far more than theoretical mathematical complexity.0:00–6:01 · Guest teaching 1/10 Panelists Share Their Entrepreneurial Journeys Matt opens the panel by prompting guests to share their founding stories. The conversation is collaborative and conversational with panelists sharing personal anecdotes about reading credit card statements and founding earlier companies.6:01–10:53 · Guest teaching 3/10 Future Predictions for Alternative Lending and Bank Partnerships Matt asks about the five-year trajectory of alternative lending. James educates the room on Basel II regulatory requirements and loss rate caps, while Renaud and Noah discuss their bank partnership strategies.10:53–13:01 · Guest teaching 5/10 Audience Q&A: Traditional Banks vs. Tech Companies Matt asks if alt-lenders could eventually conquer the entire industry. Jeff Stewart corrects the premise of the question, explaining that consumer lending and small business lending across domestic and emerging markets represent fundamentally distinct sectors.13:01–16:40 · Guest teaching 4/10 Audience Q&A: Interest Rate Dynamics and Economic Resilience Matt introduces a critical macroeconomic question regarding how peer-to-peer lending platforms will handle rising interest rate environments. Renaud and Noah outline prime-plus pricing mechanics and economic correlations to reassure the audience.16:40–20:04 · Guest teaching 2/10 Audience Q&A: Tech Stacks and Data Science Team Structures Matt steers an audience tech stack question towards data science team composition and culture. Panelists detail their team sizes and emphasize that analytical skepticism matters far more than theoretical mathematical complexity.0:00–6:01 · Guest disagreement 0/10 Panelists Share Their Entrepreneurial Journeys Matt opens the panel by prompting guests to share their founding stories. The conversation is collaborative and conversational with panelists sharing personal anecdotes about reading credit card statements and founding earlier companies.6:01–10:53 · Guest disagreement 1/10 Future Predictions for Alternative Lending and Bank Partnerships Matt asks about the five-year trajectory of alternative lending. James educates the room on Basel II regulatory requirements and loss rate caps, while Renaud and Noah discuss their bank partnership strategies.10:53–13:01 · Guest disagreement 3/10 Audience Q&A: Traditional Banks vs. Tech Companies Matt asks if alt-lenders could eventually conquer the entire industry. Jeff Stewart corrects the premise of the question, explaining that consumer lending and small business lending across domestic and emerging markets represent fundamentally distinct sectors.13:01–16:40 · Guest disagreement 1/10 Audience Q&A: Interest Rate Dynamics and Economic Resilience Matt introduces a critical macroeconomic question regarding how peer-to-peer lending platforms will handle rising interest rate environments. Renaud and Noah outline prime-plus pricing mechanics and economic correlations to reassure the audience.16:40–20:04 · Guest disagreement 0/10 Audience Q&A: Tech Stacks and Data Science Team Structures Matt steers an audience tech stack question towards data science team composition and culture. Panelists detail their team sizes and emphasize that analytical skepticism matters far more than theoretical mathematical complexity.0:00–6:01 · Matt pushing back 0/10 Panelists Share Their Entrepreneurial Journeys Matt opens the panel by prompting guests to share their founding stories. The conversation is collaborative and conversational with panelists sharing personal anecdotes about reading credit card statements and founding earlier companies.6:01–10:53 · Matt pushing back 1/10 Future Predictions for Alternative Lending and Bank Partnerships Matt asks about the five-year trajectory of alternative lending. James educates the room on Basel II regulatory requirements and loss rate caps, while Renaud and Noah discuss their bank partnership strategies.10:53–13:01 · Matt pushing back 1/10 Audience Q&A: Traditional Banks vs. Tech Companies Matt asks if alt-lenders could eventually conquer the entire industry. Jeff Stewart corrects the premise of the question, explaining that consumer lending and small business lending across domestic and emerging markets represent fundamentally distinct sectors.13:01–16:40 · Matt pushing back 3/10 Audience Q&A: Interest Rate Dynamics and Economic Resilience Matt introduces a critical macroeconomic question regarding how peer-to-peer lending platforms will handle rising interest rate environments. Renaud and Noah outline prime-plus pricing mechanics and economic correlations to reassure the audience.16:40–20:04 · Matt pushing back 0/10 Audience Q&A: Tech Stacks and Data Science Team Structures Matt steers an audience tech stack question towards data science team composition and culture. Panelists detail their team sizes and emphasize that analytical skepticism matters far more than theoretical mathematical complexity.

speaking balance: gold is Matt, purple is the guest (3 minute bins)

0:00 · Matt 24.3% · guest 75.7%0:00 · Matt 24.3% · guest 75.7%3:00 · Matt 1.4% · guest 98.6%3:00 · Matt 1.4% · guest 98.6%6:00 · Matt 22.4% · guest 77.6%6:00 · Matt 22.4% · guest 77.6%9:00 · Matt 20.6% · guest 79.4%9:00 · Matt 20.6% · guest 79.4%12:00 · Matt 0.6% · guest 99.4%12:00 · Matt 0.6% · guest 99.4%15:00 · Matt 11.1% · guest 88.9%15:00 · Matt 11.1% · guest 88.9%18:00 · Matt 11.4% · guest 88.6%18:00 · Matt 11.4% · guest 88.6%
Sharpest disagreement ▶ 10:53 Jeff Stewart reframes host's broad market conquest premise

Jeff Stewart directly rejects the host's premise about total industry takeover by pointing out that consumer and small business lending operate under completely distinct data sets and market conditions.

 Hardest push from Matt ▶ 15:15 Matt presses on rising interest rate vulnerability

Matt introduces a key economic challenge to the peer-to-peer business model, asking how platforms will cope when interest rates inevitably rise.

 Biggest teaching moment ▶ 10:53 Jeff Stewart breaks down distinct lending sub-segments

Jeff Stewart educates the host on why lending cannot be treated as a monolith, delineating four distinct quadrants across consumer versus business and domestic versus emerging markets.

 Matt holds his own ▶ 15:15 Matt targets macro rate sensitivity in P2P models

Matt demonstrates sharp domain knowledge by bringing up the principal macroeconomic skepticism around marketplace lending, forcing the founders to explain their margin spreads.
the scores for every segment, with the reasoning behind each
ChapterTopicMatt as informed peerGuest teachingGuest disagreementMatt pushing backWhy
Panelists Share Their Entrepreneurial Journeys 1100 Matt opens the panel by prompting guests to share their founding stories. The conversation is collaborative and conversational with panelists sharing personal anecdotes about reading credit card statements and founding earlier companies.
Future Predictions for Alternative Lending and Bank Partnerships 2311 Matt asks about the five-year trajectory of alternative lending. James educates the room on Basel II regulatory requirements and loss rate caps, while Renaud and Noah discuss their bank partnership strategies.
Audience Q&A: Traditional Banks vs. Tech Companies 2531 Matt asks if alt-lenders could eventually conquer the entire industry. Jeff Stewart corrects the premise of the question, explaining that consumer lending and small business lending across domestic and emerging markets represent fundamentally distinct sectors.
Audience Q&A: Interest Rate Dynamics and Economic Resilience 4413 Matt introduces a critical macroeconomic question regarding how peer-to-peer lending platforms will handle rising interest rate environments. Renaud and Noah outline prime-plus pricing mechanics and economic correlations to reassure the audience.
Audience Q&A: Tech Stacks and Data Science Team Structures 3200 Matt steers an audience tech stack question towards data science team composition and culture. Panelists detail their team sizes and emphasize that analytical skepticism matters far more than theoretical mathematical complexity.

Statements from this episode (7)

Insight
Breslow: Electronic data enables fundamentally faster, novel credit decisions
“By collecting electronic data on small business, you could really make a different kind of loan decision in a much faster time frame.”
Noah Breslow May 29, 2014 ▶ 4:10
Insight
Laplanche: Low fintech costs and cheap bank capital reduce credit costs
“It's really the best of both worlds where platforms like us, like ours, have a low cost of operation, and the banks have a low cost of capital, and when you put these two together, you can really drive down the cost of credit for consumers and businesses.”
Renaud Laplanche May 29, 2014 ▶ 10:09
Assertion Supported
Stewart: Alipay amassed $42 billion in wallet assets in six months
“They amassed forty two billion dollars in assets through essentially a wallet in six months.”
Jeff Stewart May 29, 2014 ▶ 12:09
Prediction Open · timeframe May 2019
Stewart: A tech company will become a top 10 global financial institution
“I'd be willing to go out on a limb and say that there is a top 10 global financial institution that is not today, ah, is, is thought of as a internet or non-bank type company.”
Jeff Stewart May 29, 2014 ▶ 12:34
Assertion Supported
Laplanche: Lending Club consumer rates average around 12.5 percent
“Our rates start, ah, in the single digit, so it's six, six and a half percent for consumers, 5.9 for businesses, ah, and the average is in the low teens, so about 12, 12 and a half percent.”
Renaud Laplanche May 29, 2014 ▶ 13:36
Prediction Not checkable as stated
Laplanche: Lending Club is not sensitive to rising interest rates
“So yeah, as far as we're concerned then, we don't think we're rate sensitive at all.”
Renaud Laplanche May 29, 2014 ▶ 15:29
Prediction Not checkable as stated
Breslow: OnDeck cost structure will remain fixed despite rising interest rates
“We think our overall cost structure will stay relatively fixed even in a rising rate environment.”
Noah Breslow May 29, 2014 ▶ 16:31
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