Vince Passione, CEO of LendKey, on digital network lending

One of the big challenges for community banks and credit unions is that they often have a very concentrated base of customers. The vast majority of their accounts could be with people and businesses within a 100-mile radius. While setting up digital tools can allow these banks and credit unions to expand beyond their home base, this comes with a lot of expense and complexity. When it comes to lending programs there is a much simpler alternative.My next guest on the Fintech One-on-One podcast is Vince Passione, the CEO and C0-Founder of LendKey. I last had Vince on the show all the way back in 2016, so a lot has changed since then. They have created this new technology they call network lending which solves for the problem of customer concentration for credit unions and banks, at least when it comes to the lending side of the balance sheet.In this podcast you will learn:The highlights of LendKey's evolution over the last nine years.Their long partnership with Navy Credit Union.How they have expanded into the home improvement market.The impact of the CARES Act on their education financing business.How the needs of credit unions have been evolving.The changes that will impact the ParentPLUS and GradPLUS lending programs.What differentiates those credit unions that can go after the younger generation and those that can't.Why private student loans will have to take up the slack, particularly for graduate student loans.How their network lending programs work.Why network lending is a great way for credit unions to diversify their portfolio.How they decide who becomes the lender of record for these loans.Why they launched ALIRO in 2021 to allow others to set up their own lending networks.What the next five to ten years look like for LendKey.Connect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes