A mere 350 people attended the first LendIt Conference back in 2013. Four years later, the conference brings together over 5,000 attendees from more than 40 countries—a true testament to the size and scale of the FinTech Revolution. New York City played host to the latest event with thought leaders and industry experts from over 2,400 companies—both start-up and well established—to discuss the past, present and future of financial services(opens in new tab), alternative lending and FinTech. Among those thought leaders were over two dozen keynote speakers that run their business on NetSuite, sharing their secrets to success.
Here are a few of the key takeaways from LendIt 2017:
- FinTech Growing Up: The FinTech and alternative lending industries are undergoing significant maturation. Despite shakeout in recent years, the industry is projected to continue growing and become more sophisticated.
- More Global Expansion: Alternative lending and FinTech in China are growing at a rate that dwarfs the US and Europe combined. The future health of alternative lending could stem from overseas.
- Alternative Financing Growing in Popularity: Global growth is resulting from an increase in awareness for alternative financing platforms. More importantly, people are gaining trust for these platforms and are experiencing greater success in comparison to more traditional methods of financing.
- Incumbents Should Learn from Disruptors: To stay relevant, traditional institutions such as banks MUST partner with FinTech companies or learn to evolve their business models to incorporate FinTech offerings.
- Emphasis on Compliance: With the changing political climate and global economy, financial regulation is top of mind for every company operating in the FinTech space.
NetSuite joined LendIt 2017 to further its partnership with financial services companies and solidify its commitment to the industry. In just over a month, NetSuite will be hosting its first ever Financial Services Industry Keynote at SuiteWorld, featuring prominent members of the Lending community such as Avant(opens in new tab) and OnDeck. To learn more about how NetSuite powers the back offices of the financial services industry, please visit the NetSuite for financial services(opens in new tab) page.