March 16, 2013 Evans on Marketing Global Marketing, Online Marketing, Social and Digital Media business model, credit, customer expectations, entrepreneur, experiential marketing, global, Lenndo, opportunity, planning, social media, trends, trust, video 8 Lenddo is the world’s first online community that empowers members to use their online social networks to prove trustworthiness and access financial services. What do you think about this? TwitterPinterestFacebookSpotifyInstagramLinkedInLike this:Like Loading... Related
8 Replies to “Building Credit Worthiness Through Social Media”
Seems very risky to me. There are a lot of people who use social media as a front, and if money comes into the picture I think we could expect that to skyrocket. I would be very leery of this, especially if I’m Lenddo, because it is possible to be anybody on the internet. I just don’t see this working out very well in the end unless there is some kind of validation process that goes along with it.
While this video made it easier to understand the purpose of the company, It did not give me enough clarification on how exactly social media would come into play. As this is a risky proposal, I feel as though the advertisement should have gone into more detail about how Lenddo works within facebook etc in order to gain more interest from its viewers. I am curious, however, to see how this company will prosper.
Lenddo’s concept dates back to several centuries ago and would seem like a good initiative. Their idea is simple… the more people you know, the more connections you establish, the more chances you have of being able to take out a loan as your lenddo score increases. However, who you know (and their reputation) also determines your lenddo score….
In my opinion, this is a bit faulty as your social skills have little to no correlation with your trust worthiness; although they allow more people to vouch on your behalf which is why the profiles are created essentially. This said, as a consumer of this product one must be very careful who they add as trusted connections on the lenddo profiles. In this cyber world, “tell me who your friends are and I will tell you who you are”; as reputation is everything.
I think that they idea is there but it is not realistic. They said that people centuries ago used to get credit because everyone knew each other and knew who to trust and what their character was. Technically today on social media it could work. But was we all know the internet is not necessarily full of good honest people, surely there are a great amount of honest people but that is a risk factor. How can creditors be so sure that they are reaching out the a REAL honest person. Emotion is lost over a computer and many things can be made up. I feel like that is something that needs to be taken into consideration.
I wouldn’t immediately use lenddo; it seems like they anticipate the social media and ‘honest character’ aspects as their main platforms to reel in users without actually clarifying how the two would coincide to make a user seem reliable enough to get their credit score up. I would hesitate before signing up, and I wouldn’t blame others for doing the same. We hear and see it on the news (i.e., on the MTV show Catfish) and through other mediums that people are not always who they say they are. Assessing someone’s social reputation through social media profiles is not a completely accurate way of determining whether they are worthy of credit. When financial matters are involved, so much becomes at risk. Lenddo is fully dependent on social media for their business to be successful, and in this Internet Age, I can’t say I’m surprised.
Keep this going please, great job!
I feel the intentions of Lenddo are good but the concept is a little sketchy. You don’t know who people are 100% on their social media sites and it is really easy for people to act like someone their not. Sure, there is good people who this service could really benefit but you need to watch out for scammers and people who are unhonest. I didn’t fully understand how the Lenddo scientists would decide who could be approved for credit or not by the video but this company may have the ability to grow and become successful.
I think this is a great new way to asses people’s “credits.” I actually read about this in the wall street journal, and it is creative. Building credit is not easy, some people don’t have credit and run a cash business. Because of that wouldn’t be able to get a loan to expan thier business. It is a little sketchy, but that is where extensive background checks of their closest peers and the applicant’s come in.