Blend Labs, Inc. (NYSE:BLND) Q4 2022 Earnings Call Transcript

You also asked — Ryan, you also asked about shares. I think what’s important with regards to shares for us to highlight is we shared with you the perspective. And albeit a lagging metric from — I think what we’re focused on is that in the short term — short and maybe some oscillations with regard to market share where we feel strongly is that the customers that we serve from a long term perspective, what we’re seeing is our customers win. And when they win we gain market share and in the long term, we believe that that’s a trend that will continue.

Winnie Ling: Our next question comes from Matt Stotler from William Blair.

Unidentified Analyst: This is Alex on Matt tonight, thanks for taking our questions. Just a couple of from me. One, can you — just building on the macro dynamic. Can you give us an update on your observations regarding the impacts of the current macro that it’s having on your business? Specifically regarding the pace of rollouts at newer customers’ buying patterns of existing customers and overall demand environment?

Nima Ghamsari: I think definitely on the mortgage side, there are some customers or prospects that are saying, hey, we’re lowering our mortgage budgets this year, because the market’s not great. They do see as long term important part of their business but — and they’ve turned their focus elsewhere to their business. We spend time across many product lines with customers now and digital transformation, I mean, I will tell you, it’s never been more top of mind for our customers. They understand the necessity to serve the consumer across multiple asset classes and that is where Blend can help them. And especially with Blend Builder, we can offer them a lot more capabilities than we could historically and do it a lot faster. And so we’re hearing requests from things all, ranging from things like credit cards, to personal loans, to deposit accounts, to even small business, which is an area we’ve only lightly played in historically but is top of mind and we’re spending so much time with our customers on those things.

And I’ll just end with this. Always the number one thing for us is maintain our existing customer base and manage that and make sure they are successful. And that is the most important thing in tough times, because on the on the other side, the ones that come through, we will have more market share, because it’ll be a smaller subset of players that make it to the other side. And so we want to make sure we’re there for our customers and we make them more successful, so they are winners in the long run.

Winnie Ling: Our next question comes from David Unger from Wells Fargo Securities.

David Unger: Just one from me at this point. So anything coming out of the last week that would change your go-to-market approach with the financial institution community and their receptivity to embrace technology investment at this point?

Nima Ghamsari: Can you elaborate on and sort of

David Unger: Certain banks spend differently through potential contractions and expansions and just trying to understand if — I mean, a lot of your customers are focused on risk management right now and obviously you have a great solution. So just trying to get a sense for if your go to market approach could change overtime in the way that banks think about technology investment and partnering with you.