How do you crowd-source capitalism?
Questions like this were the theme of discussions at TEDxWallStreet, a conference that was organized in partnership with Carbon NYC, a private club made up of prominent figures in business, politics, and the arts, among other fields. Carbon NYC members and conference attendees were exposed to a diverse collection of ideas at the New York Stock Exchange under the over-arching theme of “Redefining Success” on Wall Street.
Speaker Jeff Stewart, Global CEO of Lenddo, who came up with the crowd-sourcing question, said the finance industry’s original plan had been to better allocate real-world resources. To achieve this end, financial service firms relied on a real-world network that vouched for an individual or institution’s credit worthiness. In recent times, however, finance became a toll bridge to the economy. Using technology, his company has designed a system that dis-intermediates credit officers in a lending environment. According to Stewart, crowds were and are the best way to allocate capital and risk. “The future of financial services is crowd-sourcing but, then, so is the past,” he said.