A path to profitable lending, with Maik Taro Wehmeyer (Taktile)
How to Lend Money to Strangers
Brendan le Grange
5 • 2.6K Ratings
🗓️ 10 August 2023
⏱️ 22 minutes
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Summary
"Profitability is paramount for the global lending industry in 2023. But for lenders to increase profitability under the new status quo, much of the industry must undergo change. To stay ahead of the game, lenders need to fully enable every level of their business to react quickly to market changes and proactively steer their risk selection."
Taktile is using cutting edge data tech to allow businesses to build, run and evaluate automated decision flows quicker and more data-driven than ever before. You can't guess your way to the right decision, as they say. That's right in the target area of this show and yet, we're largely skipping over their skills for this episode, and delving instead into the results of their first annual State of Lending Report. When people ask me about this show, one of the first questions they ask is about reach. And my answer is it's small. But it is also mighty: the most common job titles in my audience run, in descending order, from CEO to founder to co-founder to Managing Director to Credit Manager. Quality over quantity and all of that.
That's also one of the reasons I love this State of Lending Report - at a time we need it more than ever, it builds a guiding star from the combined insights of global lending leaders, half of whom are credit leaders and another quarter of whom are CEO, CPOs, or CTOs. It's a treasure trove, and today we going through it with Maik Taro Wehmeyer, Taktile's co-founder and CEO.
You can - and should - download your own version of the report over here: https://www.taktile.com/articles/taktile-s-state-of-lending-report-reveals-how-lenders-plan-to-grow-more-profitably-in-2023
Or read more about Taktile over here: https://www.taktile.com/
If you're more socially minded, you can - and should again - follow the Taktile journey over on LinkedIn (https://www.linkedin.com/company/taktile1/)
Since we're talking bout LinkedIn, you can - and should - follow me there, too: www.linkedin.com/comm/mynetwork/discovery-see-all?usecase=PEOPLE_FOLLOWS&followMember=brendanlegrange
Otherwise, my action-adventure novels are on Amazon, some versions even for free, and my work with ConfirmU and our gamified psychometric scores is at https://confirmu.com/ and on episode 24 of this very show https://www.howtolendmoneytostrangers.show/episodes/episode-24
If you have any feedback or questions, or if you would like to participate in the show, please feel free to reach out to me via the contact page on this site.
Oh, and Taktile are one fo the big sponsors of the big AltFi Lending Summit coming to London on the 18th of October - register to meet the team there: https://www.altfi.com/events/altfi-lending-summit-2023
Regards, Brendan
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Transcript
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| 0:00.0 | The world runs increasingly on automated decisions that |
| 0:04.5 | lenders that are the quickest to iterate and update their credit policies are the |
| 0:09.5 | closest to achieving their performance goals. But that said, many lenders are |
| 0:15.1 | resorting to guesswork still and that they're reliant on on other teams to get |
| 0:21.2 | stuff done, which is slowing them down. |
| 0:24.8 | When times are good and capital is cheap, growth can see more important than |
| 0:32.2 | profit. But when the clouds gather and investors get their pencil sharpeners |
| 0:37.1 | out, businesses really need to start paying their own way. And I don't mean to |
| 0:42.4 | focus on profit instead of growth. No, profit needs growth and cost efficiencies |
| 0:48.1 | and risk reduction. That's not the easiest equation to balance. So, luckily, we |
| 0:54.0 | have lending CEOs and credit risk heads sharing their insights in tactile |
| 0:59.4 | first annual state of lending report. Welcome to how to lend money to strangers |
| 1:05.4 | with Brendan LeGrange. |
| 1:20.6 | Mike Terevemeier, co-founder and CEO at Tactile. Welcome to the show. You can't |
| 1:27.1 | guess your way to the right decision. Mike, before we get into the state of |
| 1:32.2 | lending report, would you mind giving us a quick intro into the tactile business |
| 1:36.2 | and what you are looking to achieve there? Thank you, Brent. First of all, to have |
| 1:40.8 | me on the show today. So, I mean, the premise is clear, the world runs |
| 1:45.5 | increasingly on automated decisions. And as we collect more and more data and |
| 1:50.1 | become better at digesting it through machine learning and AI, we will make |
| 1:55.0 | more frequent and more instant decisions in all aspects of life. From deciding |
| 2:00.2 | who has to verify the email address to deciding who gets alone. And at the |
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