Add an eventSessions at SXSW Interactive 2011 about Money on Saturday 12th March
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Dawn of the Data: Future of Consumer Lending
by Jessica Jackley, Ryan Gilbert, Paul Leonard and Douglas Merrill
Technology and mathematics are transforming consumer lending. Historically, it has been nearly impossible for people with bad credit to get loans. Yet, these are often the people who need it most - to buy groceries or pay bills.
Until now, lenders determined who should get loans through a simple underwriting function based on a small amount of credit data. When this data is missing or wrong, banks deny the loan, leaving people to payday loans or pawn shops - very expensive options that put people further in debt.
Millions of people are being denied credit because underwriting hasn’t evolved. Why use only a handful of variables when we have vast amounts of data provided by the customer, the Internet, and social media? All data is credit data and we should use it all to make better underwriting decisions.
Analyzing vast amounts of data, however, requires complex machine learning more akin to search engines than your corner bank. The future of financial services is to become more like a recommendation engine, and less like a place where you stand in line to deposit checks.
The panelists will discuss how to use large-scale data analysis to re-invent underwriting and replace today’s antiquated methods. Better underwriting will open up good credit to people who don't have a lot of good options and materially improve the financial lives of the people who need it most.
LEVEL: Intermediate
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Zombies Must Eat: How Genre Communities Make Money
by Drew Daywalt, KW Low and Skot Leach
Genre communities particularly the horror-themed ones are increasing seen by the entertainment industry as an important audience segment to market to. The success of 2009's Paranormal Activity can be attributed to this loyal and vocal community that used social media tools to share their passions with everyone else. Because of this additional marketing focus by the entertainment industry, there are even more opportunities now for horror genre community sites to get a piece of the marketing dollars. But then, which comes first, the community or the revenue? The panelists will describe how their companies found their target audience and what they did to generate revenue while keeping true to their audience, hence maintaining their loyalty. While the panelist will be talking from their experiences in the horror genre, the same methods can replicated to foster loyal communities in other genres and to make money there too.
LEVEL: Intermediate
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