Kevin Sandhu, the CEO and co-founder of firm Grouplend, encouraged Canadian Power Summit attendees on Tuesday to take educated risks, focus on customer analytics and make a push for young employees. “It’s tough to attract younger talent, but I think you do it by pitching them on being tied to something important,” he said. “Yes, economics and salary matter, but brands need to sell people on the impact they can have.”
Sandhu also stressed that smart companies place a premium on their customers’ needs. In the case of Grouplend – which offers three-year personal loans of up to $30,000 at personalized rates that start at 6.3% APR – the firm provides quick answers through algorithms that determine credit worthiness.
“We started our company to give people an alternative to traditional banks, which can be frustrating,” Sandhu said. “We felt like there was an opportunity there. We’re an exclusively online company, so we have to go deep into data – not just collecting it, but making it actionable. In the same way, companies today need to find out all they can about their customers to service them better.”
Sandhu – known as a disruptor in the Canadian market – also argued that some risk-taking is important to really make a difference in business today. Sandhu himself gave up a lucrative finance career to start Grouplend. He followed his passion and suggests all entrepreneurs do the same. “We’ve gotten traction two or three times greater than what we thought we’d have at this point,” he said. “Taking a risk – especially when you see an opportunity – is good.”
After his session ended, Counselor caught up with Sandhu to learn more about his approach to business. Click here to see the interview.