Tedd Huff: 00:00:01

Welcome to FinTech Confidential, bringing you the

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people, tech, and companies that

change how you pay and get paid.

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Today, we are extremely fortunate

to have Alex Rhodes, the Chief

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Operating Officer at Best Egg.

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The business begins to evolve,

you really start to understand.

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The product that you are offering,

who you are serving and, uh,

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the difference that you can make

in the lives of your customers.

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And so, um, what I would say is throughout

the course of the last 10 years, we are

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still, you know, very business minded,

but we understand our customer, we listen

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to our customers and we pay attention.

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I think price is important to

customers to an extent, but service,

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ease and flexibility are things

that customers highly value.

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We are the most flexible by way of

payment arrangements in the FinTech space.

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Whether it's selecting a personalized

payment schedule at the time a

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customer gets a loan with us or

when life happens to customers.

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They, they happen upon a

financial hardship and so talk

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about ruthless prioritization.

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We prioritized and focused.

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on getting these customers the support

and flexibility that they needed to

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get back to to paying on their loans.

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Um, and so in record time,

it was a matter of weeks.

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We were able to, uh, from, from

concepts through to implementation

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and in production build,

uh, two repayment programs.

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Uh, and you know, if I were to fast

forward six to eight months after

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That, that period, it was, it was just

a little blip in the, in the radar.

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Personalization is going

to separate companies.

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Customer loyalty is going

to separate companies.

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So being able to attract consumers

into your ecosystem is, is step one.

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Maintaining that.

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That relationship going forward, serving

that customer's needs over a longer

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period of time is going to be critical.

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As default rates continue to rise

and margins compressed at lending,

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financial organizations are searching

for solutions to combine that

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operational efficiency with innovation.

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Look no further as LoanPro allows lenders

to enhance their origination, servicing,

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collections, and payments using the

foundation of a modern lending core.

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Check out LoanPro.

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io to learn more.

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Welcome to Accrued, the fintech

confidential series presented by LoanPro.

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In this series, we're deconstructing the

complexities of lending and exploring

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compliance, optimization, modernization,

and personalization through insightful

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conversations with the industry's best.

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I'm Ted Huff with my co host

Colton Pond, guiding you through

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the intricate lending world.

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Whether you're deep into lend

tech or just intrigued by how the

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technology is reshaping lending,

you're in the right place.

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Now let's dive into another episode.

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Of accrued Colton, welcome, Backman.

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I am so excited to have Alex on today.

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Colton Pond: I'm stoked for Alex too.

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I, I did mention this.

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Ted, you're missing the vest.

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I really wish that you

would wear a vest today.

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We can do the finance vest thing, but hey,

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Tedd Huff: I'll, I'll, I'll

accept a loan pro vest, man.

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,

Colton Pond: I'll, I'll send you,

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Tedd Huff: I'll accept one.

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Colton Pond: Yeah, I'll, I'll

get it shipped to your address.

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I got you.

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Tedd Huff: Today we are extremely

fortunate to have Alex Rhodes, the Chief

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operating Officer at Best Egg, and he's.

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Bringing over 20 years of experience

in business strategy and operations

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to the table for us to talk about.

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And his track record is nothing

short of being impressive.

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Before joining Best Egg, Alex honed his

expertise in various roles, In leadership

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across the financial industry, including

positions at major financial institutions.

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You might've heard about before

like Barclay Card Bank of America.

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Those are very unusual companies

you may not have ever heard of, but

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his deep knowledge of credit and

customer experience and operational

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management has been a major cornerstone

of his success at Barclay Card.

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Alex led the U S collections and recovery

operations where he was responsible

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for overseeing recovery strategies for

consumer and small business lending.

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He later moved on to bank of America

where he managed supply chain operations

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and vendor control functions and his

ability to navigate these complex

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operational challenges made him a

natural fit for leadership roles.

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And it wasn't long.

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Before he was recruited

by Best Egg in: 2014

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Since then, he's been at the forefront

of Best Egg's transformation from

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a fledgling fintech startup to a

major, major player in the industry.

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And as the COO, he has overseen the

company's operational growth, leading

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to the management of over 23, 000.

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billion dollars in personal loans.

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His strategic vision has been a key

to scaling best eggs operations,

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which is now servicing over 1.

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6 million accounts.

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In today's conversation, we'll

dive into how Alex's extensive

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background and operational expertise

have shaped best egg success.

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We'll explore the strategies he's employed

to ensure Best Egg remains nimble,

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customer focused and ahead of the curve in

this rapidly evolving financial landscape.

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So let's dive into the insights

and decisions that have

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positioned Alex and Best Egg as

leaders in the fintech industry.

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Welcome Alex.

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Hopefully that was good

enough for you my friend.

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Ted,

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Alex Rhodes: that was awesome,

fantastic, big round of applause

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for you just for the intro.

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Uh, Couldn't be happier to be here with

you, Ted, uh, and my good friend, Colton.

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So, uh, looking forward

to the conversation.

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Tedd Huff: Colton, you, you had

talked about, and you and I have

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been talking about this a lot, but

there's a lot of really cool stuff

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that Alex and the team over at best

egg are doing, what was it that.

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That you saw that they're doing that

made you go, I've got to get them on

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the podcast and share what's going on.

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Colton Pond: There's several aspects.

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So I'm a little biased.

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They say, don't have a favorite customer.

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Best eggs, a customer of ours.

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How about a favorite Alex, Alex is one of

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Alex Rhodes: my favorite

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Colton Pond: people to work with.

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I remember when I joined.

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Uh, LonePro, I worked in Best Egg

at a prior organization too, or with

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Best Egg at a prior organization.

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But Rhett, he was like, you gotta

meet Best Egg, you gotta meet Alex.

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I remember one time we went

there, we played 2 on 2 basketball

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all night, and Alex is like a

professional basketball player.

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So, if anyone ever wants to like, see

Alex at a conference and challenge him

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to a basketball game, Alex Johnson.

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He plays a good amount of basketball.

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I think a one on one, uh, Alex Rhodes

and Alex Johnson would be entertaining,

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but Alex is great to have you, man.

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Alex Rhodes: Anytime.

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Thank you, Colton.

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Tedd Huff: So you're, you're talking

about an A to A basketball tournament.

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That's what I'm hearing.

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Colton Pond: I'm challenged.

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We're to send this Alex Johnson

and tell him that Alex Rhodes

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wants to play him in basketball.

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Let's do it.

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Tedd Huff: Well, we're not here to talk

about basketball, but we are here to

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talk about Alex and what's going on over

at best egg Alex, for those who are not

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familiar with best egg, can you give us.

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A brief synopsis over you joining

the organization and what the

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overall journey for the past

10 years has been for best day.

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Alex Rhodes: So for myself, uh,

I, I joined best egg, uh, very

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close to launch about 10 years

ago, a little over 10 years ago.

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Um, I had cut my teeth in the industry

in, uh, in major financial institutions.

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Like you said, you know, the bank of

America is the barkers of the world.

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Um, And had phenomenal experiences

there, uh, finished grad school,

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um, and was kind of at a bit of a

crossroads for myself and my own career.

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And, uh, this opportunity

presented itself.

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Um, and so I went from a

beautiful office building, uh,

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on the Wilmington waterfront.

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To a not so beautiful, uh, office building

up on Concord Pike here in Delaware.

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And, uh, uh, joined a, a small group

of people with a vision and a dream for

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the future of, um, personal lending.

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Uh, so super exciting time.

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We, we launched the business in, uh,

: 2014

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with our flagship product today,

which is our personal loan business.

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Uh, we went from.

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No loans, uh, obviously at, at, at

launch to, uh, today, uh, originating

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over 30 billion in loans and

serving over 2 million customers.

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Um, uh, along with that, my numbers were

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Tedd Huff: a little low, too low.

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Yeah, I know.

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Alex Rhodes: I like numbers

that impress you, Ted.

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I wanted to impress you with some numbers.

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I know 30 billion doesn't sound like a

lot, but here in little old Delaware,

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uh, it is, uh, it's quite the feat.

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And so, um, over, over the course

of the last 10 years, we've had

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ups and downs in the business.

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The, the, uh, economy and our customer

base have had ups and downs, but.

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We have persevered and, uh, today, uh,

again, have this, this, uh, this flagship

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personal loan business that is serving

lots of needs for our target customer,

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which is a limited savings customer.

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Um, and, uh, we have recently introduced,

uh, several new products to help

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serve even a broader set of customers.

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So.

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We have a, a auto lending product.

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We have a rent product that works

a bit like buy now pay later

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for, uh, our customers rent.

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Um, and we also have a home

secured product, so lots of good

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things happening at best egg.

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Colton Pond: Love that.

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So Alex, one of my favorite things

of, uh, FinTech folks that are early

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on in the company is to extract and

understand key learnings and takeaways

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because when you're there in that, uh,

not so nice building with a handful

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of people with a vision, right?

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Through that journey now, now on a

tremendous growth trajectory, you

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learn a lot, help us understand

the key takeaways, the learnings,

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the insights that you have there.

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Alex Rhodes: You are fighting for survival

very early on in any business's life.

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Um, and so it is, uh, it's about, uh,

building a foundation for a strong

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business, um, ensuring that you're

getting to profitability within, you

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know, a, uh, an acceptable period of time.

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Once you get through that, um, that

period, it is, at least from my

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perspective, it's about customer focus.

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And so the business begins to evolve.

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You really start to understand the

product that you are offering, who you are

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serving and, uh, the difference that you

can make in the lives of your customers.

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And so, um, what I would say is.

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Throughout the course of the last

10 years, we, we have evolved as a

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business, uh, to be, um, we are still,

you know, very business minded, but we

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understand our customer, we listen to our

customers and we build for our customers.

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And so I think those are

some of the key learnings.

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Um, That that have kind of

marked a key transition point

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in our business over time.

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Tedd Huff: Now let's quickly

shine a spotlight on a game

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Are you intrigued?

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Visit clearingworks.

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com to schedule your demo today.

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Colton Pond: I love the

focus on the customer.

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So that's one like key magic point, right?

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But one of my favorite things about

best egg is you'll play your flagship

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product, personal lending, highly

competitive, uh, space right now.

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Right.

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So what's the differentiators?

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Like what really.

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Impacts because certain folks try and

differentiate based on rate and my view

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is that's a losing game You got to find

other key differentiators why people

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come back to best state consistent

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Alex Rhodes: This is not in my mind a

a commoditized business to your point.

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This isn't just a widget

business pushing business.

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Um, we have a deep focus on customers.

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We focus on what we know matters

most to our customer base.

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And so ease and flexibility are two of

the main things that I would highlight.

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Um, it is very easy to

obtain a loan with us.

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You know, we have a high digital

engagement level with our customers.

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We provide a set of capabilities and

channels for them to Not only originate

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their loans, but to service their loans.

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Once they become a customer from an

ease standpoint, I can't underscore

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enough how important it is to

listen to customers, build a simple

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and easily understood process.

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Colton Pond: You talk about

focusing on the customer.

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And for my interactions with Best Egg,

it comes out in all of your team members.

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All your team members do that.

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And I know that's a clear differentiator.

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One of my favorite aspects about Best Egg

is you're in a highly competitive market.

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But you, you can't just

differentiate based on price.

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Like people try to, best state

does a really good job at key.

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Other differentiators help us understand

the magic and, and how and why

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customers continue to come back to best

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Alex Rhodes: state.

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I think price is important to customers

to an extent service ease and flexibility

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are things that customers highly value.

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And so we've invested, um, a lot over

the years in enhancing our tech stack.

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Ensuring that we are providing simple

and slick, uh, tech infrastructure and,

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and capabilities for our customers to

not only obtain loans, but then to also

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service their loans on the backend.

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Um, from a flexibility standpoint, I think

this is really some of our secret sauce.

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I would venture to say that we

are the most flexible by way

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of payment arrangements, um,

in, in, in the FinTech space.

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Whether it's selecting a personalized

payment schedule at the time a customer

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gets a loan with us, or when life

happens to customers, they, they happen

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upon a financial hardship or they,

um, they otherwise need some, some

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assistance with their monthly payments.

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We have a broad suite of flexible

repayment options that we're able to

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offer customers to help them stay afloat.

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Tedd Huff: So Alex, as you talk about the

technology, the flexibility, the service,

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all these different pieces independently,

they don't really do a whole lot.

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It's when you bring them all together

that you really get that force multiplier.

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Can you share with us an

example of how and when.

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You bring all of those pieces together,

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Alex Rhodes: Ted.

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I couldn't agree more that

cohesion of these different

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capabilities matters a lot.

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Uh, I'll talk about payment programs.

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As an example, we, uh, have had

payment programs since very early in

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our history, but had not developed

a full suite of options to really.

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Meet different customers needs.

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Um, over the course of time, we have

developed these capabilities where,

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uh, we are able to meet a customer

where they are, help them over, uh,

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a financial hardship, regardless

of how long that hardship last.

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It can be, you know, as little as a month

to as long as full term of the loan.

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We were able to craft a repayment

program for that customer,

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uh, to keep them on track.

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So self service is really important to us,

uh, specifically from a payment program

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standpoint, because customers don't always

want to talk to someone over the phone

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within the comfort of their own home

and the channel of their choice, they're

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able to understand the options that are

available to them and enroll in a payment

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program that best fits their needs.

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So, for example, a customer has an

unexpected expense that comes up.

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They can log into our

customer servicing website.

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Understand the different flavors of

flexible options available to them.

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Enroll, modify their payment due

date and their payment amount.

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Um, and seamlessly go back to paying in

full once that payment program expires.

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And so, uh, we found that that

providing customers with that

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level of choice and channel

flexibility makes all the difference.

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Tedd Huff: So when you, when you talk

about giving them the ability to meet

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them where they're at and the channel

that they like to use, what have

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you done that helps them understand?

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But that's even available.

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Alex Rhodes: We are, um, big on

constant customer engagement.

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And so we don't wait until

we see that a customer's

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experiencing financial difficulty.

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We, we routinely out pulse information

to our customers, whether it's through

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our monthly newsletter or even more

targeted approaches to reach customers

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that we think may be falling upon a

financial hardship to let them know

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that there are options available.

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Here are the multitude of channels where

you can consume information and gain

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knowledge about what we have to offer.

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And again, we've seen lots of success

with customers going and self solving.

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Look at the end of the day, some

customers do want to reach out to us

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directly and we'll, uh, happily have

voice, uh, conversations with folks.

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But, um, we have found that,

that customers gravitate towards

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these, uh, digital solutions.

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It's

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Colton Pond: actually directly

an experience directly

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relative related to best day.

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I would say, I don't think I've

ever shared this with you, but,

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uh, Uh, but about six months

ago, we were trying to recruit a

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sales member to come on our team.

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And, uh, I remember we told him,

yeah, he's like, who do you work with?

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: 00:16:57

We're like, we work with Best Egg and

Intuit and Chime and folks like that.

309

: 00:17:00

And he's like, Best Egg?

310

: 00:17:01

Interesting.

311

: 00:17:02

I had a really cool experience

with Best Egg two years ago when

312

: 00:17:05

I was in a really hard time.

313

: 00:17:06

Got a personal loan.

314

: 00:17:07

I lost my job and I called in.

315

: 00:17:10

I said, Hey, I lost my job.

316

: 00:17:11

I don't know if I can make my next

payment and like, Oh, no worry.

317

: 00:17:14

We can enroll you in this hardship program

on this way in this payment program.

318

: 00:17:18

It's like, Oh, yeah, that'd be great.

319

: 00:17:20

And then there was kind

of like an awkward pause.

320

: 00:17:22

And she's like, can I help

you with anything else?

321

: 00:17:24

He's like, Oh yeah, could you do that?

322

: 00:17:26

I'll wait on hold.

323

: 00:17:28

And she was like, Oh, it's done.

324

: 00:17:29

And he was so blown away.

325

: 00:17:31

And when we told him, yeah, best,

they use loan pros platform.

326

: 00:17:34

He was so blown away the best day.

327

: 00:17:35

He was like, you know what?

328

: 00:17:36

I need to work with this company.

329

: 00:17:37

So the work that you all are doing, the

impact that you're having with people

330

: 00:17:41

when they have a hard time, it's all

about like how to drive, you talk about

331

: 00:17:44

flexibility, how to drive flexibility

and meet the borrower and customer.

332

: 00:17:48

Where they're actually at.

333

: 00:17:49

Uh, when you tug on that string a little

bit more, you mentioned at the beginning,

334

: 00:17:54

best egg has done a really good job

from my perspective, launching new

335

: 00:17:56

products and new personalized products

and expanding and say, Hey, our flagship

336

: 00:18:01

product, and what are the other products

that look at, how do you stay nimble?

337

: 00:18:04

How do you launch new products?

338

: 00:18:06

What's the secret and what

are y'all doing well there?

339

: 00:18:08

Alex Rhodes: I would say that

we have a culture of innovation.

340

: 00:18:11

We have a culture of customer insights,

understanding customer needs and

341

: 00:18:16

then building for those customers.

342

: 00:18:17

And so from a nimble standpoint, our

operating model is highly nimble.

343

: 00:18:21

I can speak for operations itself.

344

: 00:18:24

We have the ability based on how

we are structured to flex up and

345

: 00:18:28

flex down by way of FTE needs.

346

: 00:18:33

Tedd Huff: What if you could

build fast but not break privacy?

347

: 00:18:36

What if you could ensure data

privacy, governance, and compliance

348

: 00:18:39

with just a few API calls?

349

: 00:18:41

What if you could worry less about

PCI requirements while actually

350

: 00:18:44

improving privacy and security?

351

: 00:18:46

How much more time would your

team have to truly innovate?

352

: 00:18:49

How much faster could you

build and ship new features?

353

: 00:18:52

How much more powerful could your app be?

354

: 00:18:54

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privacy vault delivered as an API.

355

: 00:18:59

Skyflow's radically simple design

lets you collect, secure, and

356

: 00:19:02

tokenize personal information.

357

: 00:19:03

Information like card

data and payment details.

358

: 00:19:05

And with built-in features like

encrypted data analysis and sharing

359

: 00:19:09

anonymization and advanced governance,

your days of choosing between data

360

: 00:19:13

security and data usability are over.

361

: 00:19:16

Whether you're just concerned with

PCI compliance or need to go further

362

: 00:19:19

to include CCPA, GDPR, SOC two and

beyond, sky Flow has you covered.

363

: 00:19:25

What if you could build fast but

not break privacy with Sky Flow?

364

: 00:19:28

You can visit Sky Flow

secure.com today to learn how I

365

: 00:19:33

Alex Rhodes: say.

366

: 00:19:35

Platform standpoint, you have to

have a tech stack that enables you to

367

: 00:19:40

build new products that enables you

to provide personalized functionality

368

: 00:19:44

that enables you to put powerful

information in the hands of your

369

: 00:19:48

frontline colleagues, uh, that that

allows them to better service customers.

370

: 00:19:52

And so, um, You know, it's, it's, uh,

no surprise that we have the loan pro

371

: 00:19:57

platform that has been a differentiator

for us and being able to launch new

372

: 00:20:01

products and service those products in a

way that allows us to impart the customer

373

: 00:20:05

experience that, that we know today.

374

: 00:20:08

Tedd Huff: A lot of these things

that you're talking about are like.

375

: 00:20:11

If you look at the traditional lending

space, this is extremely innovative.

376

: 00:20:16

It's not something that everybody

is doing, you know, as you're

377

: 00:20:21

launching these products.

378

: 00:20:23

I mean, you listed off, I think

three or four, maybe five earlier.

379

: 00:20:27

I was trying to keep track, but

you were listing them off so fast.

380

: 00:20:31

You know, how, how do you ensure that

the organization stays agile enough to

381

: 00:20:38

be responsive to the customers as you

continue to grow into these new markets?

382

: 00:20:42

Alex Rhodes: Two things I would,

I would reference here, Ted.

383

: 00:20:45

One is we, we spend.

384

: 00:20:49

I won't say a lot of time, but we are

very focused on organizational alignment

385

: 00:20:53

and ensuring that our, our people

know where we are going in the future.

386

: 00:20:57

Um, we do that by, by, by setting, you

know, short and medium term goals and,

387

: 00:21:02

uh, the, the, uh, expectations or the

results that nest under those goals.

388

: 00:21:08

And so everyone understands

where we are going.

389

: 00:21:10

I think that's critical in, uh, in, in,

in, in being a nimble company, we are

390

: 00:21:15

highly focused, uh, on, on prioritization.

391

: 00:21:19

So we call it ruthless prioritization.

392

: 00:21:21

There is no lack of good

ideas in this business.

393

: 00:21:24

Um, and it's difficult to say no

to good ideas from time to time.

394

: 00:21:28

But we stay nimble because we stay

hyper focused on what we know is

395

: 00:21:32

going to deliver the most value and

what's most important to do today.

396

: 00:21:36

And so I think, you know, by aligning an

organization around common goals, common

397

: 00:21:41

outcomes and Uh, ruthlessly prioritizing

on what's most important today.

398

: 00:21:46

We were able to move this ship a lot

faster than, you know, other businesses.

399

: 00:21:51

Colton Pond: Alex,

there's two aspects there.

400

: 00:21:53

And what I love about that is even

as you've grown tremendously from an

401

: 00:21:57

FTE perspective, from a loan volume

perspective, you've still maintained

402

: 00:22:01

limbo and while launching new products,

which is a pretty cool feat in and of

403

: 00:22:05

itself, but there's two aspects here.

404

: 00:22:08

And a lot of companies think that

they compete against each other.

405

: 00:22:12

But you and your operations role

have found a way to like, both of

406

: 00:22:15

them go together and it's how do you

focus on the customer and provide a

407

: 00:22:18

best in class customer experience?

408

: 00:22:20

But how do you also drive

operational efficiency?

409

: 00:22:22

And sometimes companies will focus on

operational efficiency and it hurts

410

: 00:22:26

the customer or focus on the customer

and hurts operational efficiency.

411

: 00:22:29

Um, how are y'all measuring

operational efficiency?

412

: 00:22:31

What that looks like?

413

: 00:22:33

And then, uh, what are some

examples of some things you've done?

414

: 00:22:36

That have helped drive increased

operational efficiency in the business.

415

: 00:22:39

Alex Rhodes: So we measure operational

efficiency in a variety of different ways.

416

: 00:22:43

Um, you know, from a business standpoint.

417

: 00:22:47

We focus on our cost to serve our cost to

originate from a customer standpoint, we

418

: 00:22:52

look at the level of effort that customers

have to expend to get a job done, right?

419

: 00:22:56

So are we removing

friction out of processes?

420

: 00:22:59

Are we able to streamline servicing and

make it easy and simple for customers?

421

: 00:23:05

And so that's that's what we focus on.

422

: 00:23:07

I've never thought that.

423

: 00:23:10

You know, customer experience and

operational efficiency are at odds.

424

: 00:23:14

And I, I think I understand why you

can say that or why some may say that.

425

: 00:23:18

But for me, they work so closely together.

426

: 00:23:21

Um, if you do what is good for your

customer, which is generally going

427

: 00:23:25

to make things fast, simple, easy.

428

: 00:23:28

Easily understood you were going

to drive operational efficiency.

429

: 00:23:32

If you can increase self service

rates, um, provide a channel preference

430

: 00:23:36

like we talked about earlier.

431

: 00:23:37

Those are things that are going

to give you operating leverage.

432

: 00:23:40

So you don't have to have

voice conversations with the

433

: 00:23:43

whole of your customer base.

434

: 00:23:44

It's going to give you

leverage as you grow, right?

435

: 00:23:47

Um, and so our, our servicing

website is scalable.

436

: 00:23:50

Our other servicing channels are also

scalable, and that's, that's what's been

437

: 00:23:54

important for us to be able to yeah.

438

: 00:23:56

Become more and more efficient over

time while providing very rich, uh,

439

: 00:24:01

deeper experience for customers.

440

: 00:24:03

Tedd Huff: You know, my, my career has

mostly been product and operations.

441

: 00:24:08

So I'm hearing you go through

and talk about all of this.

442

: 00:24:12

And it just reminds me

of the number one thing.

443

: 00:24:14

Anytime that I took over a product

or a group, I would always, first

444

: 00:24:18

thing I'd always do is I'd go

straight to the support team.

445

: 00:24:21

Or to the support queue or to the

support emails and look at what people

446

: 00:24:26

were asking for, for me to get an

understanding of, of what wasn't working.

447

: 00:24:31

I would love for you to share some

specific examples of how you've

448

: 00:24:36

driven your operational efficiency

while enhancing the borrower

449

: 00:24:42

experience without sacrificing.

450

: 00:24:46

Any of the benefits you provide.

451

: 00:24:48

Alex Rhodes: Yeah.

452

: 00:24:49

So Ted, you mentioned, uh, you know, going

to the source as a bedrock to get ideas.

453

: 00:24:56

Could not agree more.

454

: 00:24:57

If you want lots and lots of great

ideas on how you can improve in

455

: 00:25:01

operations, just get to a side by

side with any of our agents, right?

456

: 00:25:04

They will tell you what is wrong with,

you know, whether it's a telephony

457

: 00:25:08

system, they will tell you where you

can make enhancements for customers

458

: 00:25:11

and what customers are saying.

459

: 00:25:12

I don't think.

460

: 00:25:14

Customer experience suffers when

you drive operational efficiency.

461

: 00:25:18

In fact, I think it's enhanced as

we drive operational efficiency.

462

: 00:25:21

Um, examples of things that we have done

attempting to drive parody in servicing

463

: 00:25:26

channels across each of our channels.

464

: 00:25:28

And so what you can do from a voice

perspective, you can do on the servicing

465

: 00:25:32

website, what you can, uh, uh, Do in chat.

466

: 00:25:36

You can do via SMS.

467

: 00:25:38

And so, um, driving parody

and servicing channels has has

468

: 00:25:42

been a game changer for us.

469

: 00:25:44

Um, it's listening to customers.

470

: 00:25:46

It's making data led decisions, right?

471

: 00:25:48

So if you have 10, 000 customers

dropping out of the IVR for this call

472

: 00:25:53

type, How can you get ahead of that?

473

: 00:25:54

How can you be proactive as opposed to

just reactive and answering their calls?

474

: 00:25:59

Um, and so I think listening to

customers being data led and, uh, again,

475

: 00:26:04

enhancing self service capabilities

has made the difference for us.

476

: 00:26:08

Colton Pond: I want to jump

into one other specific aspect.

477

: 00:26:11

And because I've spoken with the Vestig

team at length, I know that this is a.

478

: 00:26:15

Big aspect of how you've really wowed

your customers and showed up for your

479

: 00:26:18

customers in meaningful way of we've

chatted at length about how your

480

: 00:26:23

customers were your first priority when

the COVID pandemic hit and what you

481

: 00:26:27

did for your customers and what that

meant and the impact that that had.

482

: 00:26:31

I would love if you would give us a

recap of how Best Egg really showed

483

: 00:26:35

their true colors during that time.

484

: 00:26:37

We're able to really.

485

: 00:26:39

Focus on the customer

and what they needed.

486

: 00:26:41

Alex Rhodes: I'll talk about that

first, you know, six to eight months.

487

: 00:26:44

Um, Was one of the defining periods

I think for our business, uh for me

488

: 00:26:49

personally and professionally One

of one of the proudest periods of

489

: 00:26:53

time that i've had in my career.

490

: 00:26:55

Um, We were able to flip a 100

percent in house call center to

491

: 00:27:00

working from home inside of two weeks.

492

: 00:27:02

Our technology teams were, um,

we were able to be there for

493

: 00:27:07

our customers in a way that I'd

never experienced prior to that.

494

: 00:27:11

And so just for a little bit of

context, we generally speaking have

495

: 00:27:16

somewhere around four to 5 percent of

our portfolio on a payment program or

496

: 00:27:21

a loan extension at any given time.

497

: 00:27:24

As we entered, I think it was the

March or April period, uh, during

498

: 00:27:28

COVID in 2020, that spiked about 15%.

499

: 00:27:32

So 15 percent of our portfolio, we're now,

uh, not paying, you know, they weren't

500

: 00:27:37

going past two, but they were not paying.

501

: 00:27:39

And we quickly had to come up with

a way to transition customers from

502

: 00:27:44

not making payments back into making.

503

: 00:27:46

Full, uh, contractual payments,

not an easy thing to do.

504

: 00:27:50

It was, it was a scary time for

customers and as a business, it

505

: 00:27:53

was a very uncertain time for us.

506

: 00:27:56

Uh, and so talk about

ruthless prioritization.

507

: 00:27:58

We prioritized and focused on getting

these customers the support and

508

: 00:28:03

flexibility that they needed to get

back to, to paying on their loans.

509

: 00:28:08

Um, and so in record time,

it was a matter of weeks.

510

: 00:28:11

We were able to, uh, from, from.

511

: 00:28:14

Concepts through to, uh,

implementation and in production

512

: 00:28:19

build, uh, to repayment programs.

513

: 00:28:23

And, you know, if I were to fast forward

Six to eight months after that, that

514

: 00:28:28

period, it was, it was just a little

blip in the, in the radar, right?

515

: 00:28:33

Customers use those, those extensions.

516

: 00:28:36

They, they, they got on these

flexible repayment programs that we

517

: 00:28:39

were able to build in record time.

518

: 00:28:41

And they went back to paying, uh,

as agreed in, in, in record time.

519

: 00:28:45

And so it was very affirming to me

how customer centric this business is.

520

: 00:28:50

When we were able to, you know, first of

all, gain the buy in and then get the tech

521

: 00:28:54

resource and then, uh, focus and execute

on getting those, those programs in

522

: 00:28:59

place, it was, uh, it was an amazing time.

523

: 00:29:01

Tedd Huff: Hey, Ted Huff here.

524

: 00:29:03

Ever thought about how you can streamline

your application and underwriting process?

525

: 00:29:07

Well, let me introduce you to under.

526

: 00:29:08

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527

: 00:29:13

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528

: 00:29:17

Send it out for digital signature and

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529

: 00:29:22

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530

: 00:29:24

Head over to under.

531

: 00:29:25

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532

: 00:29:29

It's really that simple to be able

to accomplish something like that.

533

: 00:29:34

It definitely makes me

not surprised at all.

534

: 00:29:39

That best egg achieved a top 10 spot in J.

535

: 00:29:42

D.

536

: 00:29:42

Power's ranking for personal lenders.

537

: 00:29:45

Not just once, but over the past

two years, what contributed most

538

: 00:29:49

to that success and how you're

going to carry that forward?

539

: 00:29:54

In the changing environment that is

relatively uncertain at this time.

540

: 00:29:59

Alex Rhodes: I can only tell you.

541

: 00:29:59

So there's some secret sauce behind

these, these, these rankings.

542

: 00:30:02

I am really proud of, uh, of, of

that accomplishment and being able

543

: 00:30:08

to, to be named alongside, you know,

some of the, the biggest financial

544

: 00:30:12

institutions that have been in

business for hundreds of years.

545

: 00:30:15

In some cases, um, we, we heard

from customers through that,

546

: 00:30:20

that, uh, JD power, uh, survey

that they appreciate us for.

547

: 00:30:26

The ease of doing business with

us and for the, the, the value add

548

: 00:30:31

that our customer servicing agents

provide when they service loans.

549

: 00:30:35

And so that's something that again, you

know, pulls at my heartstrings a bit.

550

: 00:30:39

I firmly believe that, that, that people

make the dream work and we are a, a

551

: 00:30:45

customer centric business, but we are

also a people centric business internally

552

: 00:30:50

and, um, you know, getting that feedback

is, uh, Again, it's heartwarming to me.

553

: 00:30:56

How we carry that going forward into the

future is we continue to invest in people.

554

: 00:31:01

We continue to invest in technology

and again, empowering our frontline

555

: 00:31:04

colleagues, putting, uh, relevant

real time information, uh, at their

556

: 00:31:09

fingertips to be able to best serve

customers, um, and continue our, uh,

557

: 00:31:13

high focus on, uh, simplicity, Ease and

flexibility in all things servicing.

558

: 00:31:20

Colton Pond: I will second that

and I love that you brought up your

559

: 00:31:22

frontline staff and your people.

560

: 00:31:24

One, talking about how your team,

who is building in loan pro and

561

: 00:31:29

the origination system and other

systems you have, shadow them.

562

: 00:31:33

But two, how they are just as

important as your customers because

563

: 00:31:38

they are the face of your company.

564

: 00:31:39

Um, I don't, I won't share the number

cause I don't know if I can share the

565

: 00:31:42

number, but of all the customers we have.

566

: 00:31:45

Best egg that I've chatted with.

567

: 00:31:47

And I typically ask this question,

best egg has one of the lowest employee

568

: 00:31:51

turnover rates from your frontline staff.

569

: 00:31:54

And like that makes a huge impact.

570

: 00:31:57

And that's an area that transparently

a lot of people don't focus on.

571

: 00:32:00

They're like customer, customer, customer

focus on the people that interact with

572

: 00:32:04

the customer to make sure they can

deliver in a consistent, meaningful way.

573

: 00:32:09

Tedd Huff: Yeah.

574

: 00:32:09

How are frontline colleagues?

575

: 00:32:10

Secret sauce item there, Colton.

576

: 00:32:13

Colton Pond: I didn't

share how they did it.

577

: 00:32:14

They're doing cool stuff.

578

: 00:32:17

Alex Rhodes: Our frontline

colleagues are the best.

579

: 00:32:19

Um, I won't share the attrition

rate, but I will tell you if you're

580

: 00:32:22

familiar with, uh, call center

attrition rates, we are probably one

581

: 00:32:26

sixth of the average call center.

582

: 00:32:28

So, yeah.

583

: 00:32:29

Incredible.

584

: 00:32:30

So I'm

585

: 00:32:31

Tedd Huff: going to ask you,

Alex, to reach under the desk,

586

: 00:32:36

out of the closet, whatever it is.

587

: 00:32:38

And heck, even if you want to,

we'll hop in the DeLorean and head

588

: 00:32:42

into the future about five years.

589

: 00:32:44

I want you to go there.

590

: 00:32:45

I want you to look at what's going

on, come back and share with us.

591

: 00:32:50

What you see happening in

lending and specifically personal

592

: 00:32:58

lending in the next five years.

593

: 00:33:02

Alex Rhodes: So Ted, I thought this

question might come up and I consulted

594

: 00:33:05

my crystal ball, uh, and it was just

a cloud, a bunch of fog in there.

595

: 00:33:10

Um, but, uh, What did you set on fire?

596

: 00:33:16

But I will tell you, I, I

know that customers will have.

597

: 00:33:20

More optionality than

they have today, right?

598

: 00:33:23

They will have options.

599

: 00:33:24

If you think about the options that

the customers have today, it is a

600

: 00:33:27

simple click of a, of a, of a couple

of buttons on their computer and they

601

: 00:33:31

can understand they get, you know,

dozens and dozens of loan offers.

602

: 00:33:34

And so I think, uh, options and choice.

603

: 00:33:38

Will will will be plentiful.

604

: 00:33:40

Personalization is going

to separate companies.

605

: 00:33:43

I think, uh, customer loyalty

is going to separate companies.

606

: 00:33:47

So being able to attract consumers into

your ecosystem, um, is is step one.

607

: 00:33:54

Maintaining that that relationship

going forward, serving that

608

: 00:33:58

customer's needs over a longer period

of time is going to be critical.

609

: 00:34:03

Um, data is going to be important.

610

: 00:34:06

Use of data is going to be important.

611

: 00:34:07

You know, the amount of data, uh,

specifically from an alternative data

612

: 00:34:12

standpoint is just growing exponentially.

613

: 00:34:15

And so, um, that is, is, is, is critical.

614

: 00:34:18

Uh, is going to influence

the future of lending.

615

: 00:34:21

Um, I think from an operational

standpoint, uh, customers already

616

: 00:34:26

expect to be able to, again, serve

in their, um, through the channels

617

: 00:34:32

that they prefer when they prefer.

618

: 00:34:34

Um, I think hopefully best day can,

can, uh, change the industry a bit

619

: 00:34:40

from a flexibility standpoint so that

customers aren't surprised when they have

620

: 00:34:44

flexibility within financial services, but

also But that it becomes more of the norm

621

: 00:34:49

and, uh, and, and, and customers are shown

that their business is valued because

622

: 00:34:54

businesses are willing to be flexible

and again, meet them where they are

623

: 00:34:58

Colton Pond: as more optionality

comes, the personalization

624

: 00:35:02

becomes really important.

625

: 00:35:03

I want to hit you with two rapid fire

questions because we didn't touch on it

626

: 00:35:06

and we touched on every single episode

and like we need to AI overrated here.

627

: 00:35:10

He goes, goes a I Alex

overrated or underrated.

628

: 00:35:16

Alex Rhodes: Uh, too new to rate.

629

: 00:35:18

So I'll go outside the box.

630

: 00:35:20

Yeah,

631

: 00:35:21

Tedd Huff: I like that.

632

: 00:35:21

But critical.

633

: 00:35:23

Alex Rhodes: I will tell

you, I think it's critical.

634

: 00:35:24

There are many applications that that

are discussed in industry forums around,

635

: 00:35:29

uh, customer facing applications.

636

: 00:35:31

And I think all of that is very important.

637

: 00:35:33

I can tell you what I am probably

most excited about are the agent

638

: 00:35:37

facing, um, use cases for AI.

639

: 00:35:40

How do we make it.

640

: 00:35:41

Things more efficient.

641

: 00:35:43

How do we allow our employees to focus

on the things that are more important?

642

: 00:35:47

Um, and how do we, how do we enhance

the agent experience with the same level

643

: 00:35:53

of tenacity and focus that we, that

we go after customer experience with?

644

: 00:35:57

Colton Pond: We've learned about the

incredible success of best day without

645

: 00:35:59

sharing all the secrets, so don't.

646

: 00:36:01

You don't need to share the secrets, but

help us understand what's next for best

647

: 00:36:04

day lending, verticals technology, like

the direction that best egg is headed.

648

: 00:36:09

Alex Rhodes: We were a monoline business,

a personal loan business for a number

649

: 00:36:13

of years, you know, eight years of

our history within the last two years,

650

: 00:36:17

we've launched several new products.

651

: 00:36:20

And so I don't think the near term

or midterm future, uh, Lots of new

652

: 00:36:26

product implementations, but I think

it looks like making enhancements on

653

: 00:36:30

the flagship product because although

we've come a long way and we have

654

: 00:36:33

a very good value proposition for

customers, we can always get better.

655

: 00:36:37

And so we were focused there, um, and

we were also focusing on scaling these

656

: 00:36:42

new businesses, nothing, uh, nothing to

write home about by way of, you know, New

657

: 00:36:47

and interesting, um, products out there.

658

: 00:36:49

But, uh, but scaling the

businesses that we've launched

659

: 00:36:52

recently is really important.

660

: 00:36:53

Tedd Huff: So we, we, we're talking

about all these different personalized

661

: 00:36:57

loan products and making these changes

and all these different things.

662

: 00:37:00

And, you know, in past episodes with,

with other folks that, that are in the

663

: 00:37:05

lending space, we've talked about the

potential role that blockchain and smart

664

: 00:37:11

contracts can play in these spaces.

665

: 00:37:15

I would love to get.

666

: 00:37:17

Your perspective on that technology

and playing a part in what

667

: 00:37:22

you guys do over at best eggs

668

: 00:37:23

Alex Rhodes: Admittedly, I I am not the

the expert on blockchain technology.

669

: 00:37:28

Uh, what I can tell you is that um

I, from an unsecured personal loan

670

: 00:37:35

standpoint, you know, it's, it's unclear

to me how that technology plays a

671

: 00:37:39

big role when you get to the secured

side and you start dealing with UCC

672

: 00:37:43

filings for our home secured product.

673

: 00:37:46

Um, if you've ever worked in the

auto lending industry, then, uh, you

674

: 00:37:50

know, more power to you, it is one

of the most archaic, uh, processes

675

: 00:37:56

that, that one can imagine, I

would love to see a blockchain for.

676

: 00:38:01

I would love to see a blockchain

for mortgages or deeds.

677

: 00:38:06

And so, um, you know.

678

: 00:38:08

My hope is that that technology is

advanced in the future because I can

679

: 00:38:12

tell you, it is a friction full process

to originate, you know, secured loans

680

: 00:38:18

where you have to go through governmental

agencies today to, uh, perfect liens.

681

: 00:38:23

Tedd Huff: So as you're talking about

all these great new technologies and all

682

: 00:38:27

these different pieces about making sure

that you can leverage like the blockchain

683

: 00:38:32

and smart contracts to really tighten

up some of the things that are a little

684

: 00:38:35

loose, How do you see the regulatory

environment supporting things going

685

: 00:38:42

forward in the personal lending space?

686

: 00:38:44

Alex Rhodes: Yeah, I think, I think the

regulatory environment in my experience,

687

: 00:38:47

uh, has been one of really good intent,

uh, highly interested in supports, uh,

688

: 00:38:54

new technologies that, uh, You can clearly

articulate how it supports customers

689

: 00:38:59

and how it is good for customers.

690

: 00:39:01

And so the specifics of how the

regulatory environment will change,

691

: 00:39:04

I'm uncertain of, but I do know

that good intended technologies that

692

: 00:39:10

are responsibly deployed, generally

garner favor from regulators.

693

: 00:39:15

Tedd Huff: That's something that I noticed

through our conversation today, that

694

: 00:39:18

everything is based on a purpose, on data.

695

: 00:39:24

And on an expected outcome.

696

: 00:39:26

And that is something that I look forward

to seeing more in FinTech in general.

697

: 00:39:33

Uh, I think we're, we're

headed towards that a lot.

698

: 00:39:36

So I really appreciate you

sharing all of that with us today.

699

: 00:39:39

Absolutely.

700

: 00:39:40

Happy to.

701

: 00:39:40

Colton Pond: Yeah.

702

: 00:39:41

And Alex, the, the keynote for me is

there's a lot of ways to differentiate.

703

: 00:39:46

Right.

704

: 00:39:47

And there's a lot of things and

it's not one, uh, one of my, uh,

705

: 00:39:52

the old co founder of MX that CTO

is one of my really good friends.

706

: 00:39:55

He said.

707

: 00:39:55

There's no silver bullet,

just a truckload of lead ones.

708

: 00:39:58

And it's the same, like

there's not one differentiator.

709

: 00:40:02

There's a bunch of ways, but

we're really highlighted is.

710

: 00:40:05

Y'all's focus on the agent experience.

711

: 00:40:06

Y'all's focus on the customer

experience post origination.

712

: 00:40:10

The pre origination side is important

to be able to get them in the door.

713

: 00:40:13

But one thing Best Egg is best

in class of, what does that

714

: 00:40:16

experience look like after?

715

: 00:40:18

So after I pay off my personal loan,

I come back and I come back to Best

716

: 00:40:21

Egg next time I need something.

717

: 00:40:22

And, um, how to change lending.

718

: 00:40:26

Rhett and I talk about this often.

719

: 00:40:28

How to change lending from a

transaction to a relationship and

720

: 00:40:32

y'all have been best in class there.

721

: 00:40:34

So thank you for joining us today.

722

: 00:40:35

Alex, it was an absolute pleasure.

723

: 00:40:38

Alex Rhodes: True pleasure.

724

: 00:40:39

My end, Ted Colton.

725

: 00:40:40

Thank you both.

726

: 00:40:41

Great to see you both.

727

: 00:40:42

Tedd Huff: Well, folks, that does

it for another episode of accrued.

728

: 00:40:45

If you've made it this far, go ahead.

729

: 00:40:47

Like the episode, share the

episode, leave us a comment.

730

: 00:40:51

We love him having the feedbacks

we talked about earlier today.

731

: 00:40:56

And as always.

732

: 00:40:59

As we wrap up today's episode,

I've got one last thing for you.

733

: 00:41:03

If you're in the trenches fighting

fraud and financial crime, you

734

: 00:41:07

know it's a complex battlefield.

735

: 00:41:09

That's where Hawk's AI tools for

real time payment screening, AML,

736

: 00:41:14

transaction monitoring, And dynamic

customer risk rating come into play.

737

: 00:41:19

These aren't just buzzwords.

738

: 00:41:21

They're game changers designed

to make your compliance more

739

: 00:41:24

effective and less of a headache.

740

: 00:41:26

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741

: 00:41:31

compliance strategy, the edge it needs.

742

: 00:41:34

Head on over to gethawkai.

743

: 00:41:37

com.

744

: 00:41:38

To sign up for a demo and discover how

their platform can revolutionize how

745

: 00:41:42

you fight fraud and financial crime.

746

: 00:41:46

Lily: This has been a production of

DD3 Media with all rights reserved.

747

: 00:41:50

This is provided for

informational purposes only.

748

: 00:41:52

It is not offered or intended to

be used as legal, tax, investment,

749

: 00:41:56

financial or other advice.

750

: 00:41:57

We strive to provide accurate

and up to date information but

751

: 00:42:01

will not be responsible for any

missing facts or inaccuracies.

752

: 00:42:05

You comply and understand that

you should use any of this

753

: 00:42:07

information at your own risk.

754

: 00:42:09

Cryptocurrencies are highly volatile

financial assets, so research and

755

: 00:42:13

make your own financial decisions.