Summary * Fintech’s first wave overpromised disintermediation; the next wave is about improving bank unit economics — and Upstart is proving that better underwriting, not just better UX, drives real value. * Traditional banks still lean heavily on FICO-based models that overlook rich, modern data sources like payroll streams and real-time cashflows — Upstart steps in with ML-native models that unlock approvals banks would otherwise miss. * By owning the borrower interface and decisioning lay