Exploring the Future of Online Lending: Key Takeaways from LEND360

Cory Kampfer, Co-President of Small Business Lending, and Abisht Raviprakash, Sr. Director of Portfolio Risk & Analytics, recently represented Enova at the 10thannual LEND360summit, which brought together leaders in online lending to explore fintech industry trends and new technologies impacting consumer and small business lenders, service partners, investors, bank representatives and more. Below is a recap, including key takeaways from the event.

Building Strong Industry Connections
Lending professionals engaged in meaningful discussions with industry peers from across the country to share insights, solve industry challenges and create business solutions. The event highlighted the significance of working together with industry peers, fintech innovators and regulatory leaders to create a fair and ethical lending environment that supports the growth of small businesses while also ensuring responsible lending practices for consumers and entrepreneurs alike.

Exploring the Latest Trends in Online Lending
Cory and Abisht, alongside other industry professionals, engaged in meaningful discussions on the cutting-edge technology driving consumer and small business lending. Conversations centered around the latest trends, including how online lenders are responsibly using advanced data analytics and innovative lending models to better serve consumers and small businesses, especially those in underserved markets. The event presented an opportunity to share and exchange ideas on how the industry is evolving to meet the unique needs of its customers.

Examining the State of Small Business Lending and Working Capital
Cory was also among the event's keynote speakers, delivering a presentation on "The State of Small Business Lending and the Importance of Working Capital for Main Street." He highlighted the vital role that access to working capital plays in supporting small businesses and fostering growth, particularly for those navigating economic challenges.

Leveraging New Technologies to Expand Access in Small Business Lending
Another highlight of the three-day event was a panel discussion that included Abisht, who discussed improving risk management strategies and the importance of using data-driven approaches and advanced analytics to make informed lending decisions that benefit both lenders and small business borrowers. Many other industry leaders underscored the need for online lenders to develop flexible strategies to adapt to the constantly ever-changing economy to continue supporting small businesses and promoting their growth and success.

Looking Forward
Overall, LEND360 provided a deeper understanding of how the collective efforts of lenders, fintechs and regulators can shape the future of consumer and small business lending and help customers achieve their goals. The conference also offered attendees the chance to reflect on where the industry is headed and how lending practices will continue to evolve. The insights obtained and relationships formed at LEND360 will, no doubt, play a crucial role in developing more effective and accessible lending solutions for small businesses in the future.