As the online lending sector seeks to rebound from a wrenching year, it should look to Amazon for inspiration, the CEO of industry bellwether Lending Club said.
In many ways where online lending is in 2017 parallels the early days of online retail, Scott Sanborn said at the LendIt conference in New York on Monday. In that situation, new entrants disrupted an established industry, before going through a period of pain and change themselves during the dot-com bubble. The original online retailers that survived and thrived after that period reinvented and expanded what they did, Sanborn said, citing Amazon as the prime example. Much like how Amazon went from selling books to selling cloud services, Sanborn predicted online lenders that succeed well into the future will change how they do business.