In this session, Sumeet Bhalla and Harry Zhu discusses the future of consumer lending and share strategies for success. They highlight the shift towards digital lending and data-driven advanced modeling techniques, as well as the importance of team building and networking. Key trends in digital lending include a move away from traditional credit scoring models and a focus on providing a seamless lending experience. Harry identifies three major trends shaping banking and lending: the digital consumer-driven evolution, the rise of digital UX UI design, and the use of data analytics and AI in smart underwriting.

The panelists emphasized the importance of having a clear strategy, proper technology, and a culture that leverages the power of analytics. They also discuss the need for model validation, ensuring fairness, and compliance with regulations. At last, they encourage credit unions to start implementing changes instead of doing nothing.