Jeff Keltner was the first non-founder employee at Upstart. He spent over a decade there running consumer acquisition, building the bank partnership business from zero to ten banks, and managing both sides of the affiliate marketplace. Today he hosts What the AI, a weekly podcast covering the top stories in AI with co-host Annie Delgado. This conversation goes two places. First, how a Business Development Professional can actually use AI day to day. Second, what AI does to the affiliate marketing world over the next few years. What we covered AI for the non-engineer. Jeff uses Claude, Cowork, and Claude Code as his stack. Research is the unlock. Reading 10-Ks, 10-Qs, earnings call transcripts, and conference coverage used to take days. Now it takes an hour and gives you a strong first draft. Context is everything. Generic prompts get generic output. Jeff sets up Cowork with 15 or so files about who he is, his brand voice, his audience, and his projects. When he asks for research, Claude knows it's for the podcast and can pull from past episode transcripts. Same idea works for BD. Give the model your prior meeting notes, your past correspondence, and your strategic priorities before you ask it for anything. Fathom plus Gmail as a memory system. Jeff uses Fathom for meeting notes because it emails the recap. Gmail becomes the single source of truth that any LLM can plug into. Ask Claude about a prospect and it pulls every meeting note, every email thread, every update. The Gong unlock. A sales leader fed every customer and prospect call transcript into an LLM and asked for the top five reasons deals don't close. The model aggregated across hundreds of reps in seconds. It even quantified the answers. That kind of work would have taken a quarter to do manually. Practice for high-stakes meetings. One PhD candidate fed her review committee's published writing into an LLM and asked it to simulate the defense. The model predicted 80% of the questions she actually got asked. Same approach works for board meetings, vendor pitches, and partner reviews. Plan mode for analytics dashboards. If you want to build something with Claude Code, do not start with the build. Start in plan mode. Define the four quadrants, the specific graphs, the exact conversion math you care about. The coding part is trivial. The thinking part is the work. Mac mini as the always-on AI computer. Jeff keeps a Mac mini under his desk running Claude jobs so he can shut his laptop and leave. He controls it from his phone using Claude's remote control. He warns that running four sessions at once is mentally exhausting. Each session comes back with a week's worth of work every ten minutes. On the future of affiliate channels NerdWallet's card business is down 50% from seven quarters ago. Search behavior is changing. Blue link traffic is dropping. The question every lender is asking is whether the next front door is agentic, an LLM, or something else. Trust is the most valuable position in financial services. Banks have always overpaid for the first product because they make money on products two, three, and four. That model breaks if you're paying acquisition costs on every product. Lenders that build direct trust with consumers win. Will an LLM become the new front door? ChatGPT just shipped Plaid integration. They could surface credit card recommendations from your transaction data. But the consumer adoption question is open. Jeff and Carlos disagreed on whether people will want a single super-AI that knows their finances, health, and everything else, or whether they will keep these worlds separate. Why direct mail and affiliates still dominate. Credit bureau pre-screen data. Both channels use soft pulls to target high-intent customers who can actually qualify. No LLM has cracked that yet. Jeff doubts anyone does in the next three years. If anyone does it, his bet is Meta. Carlos took the under. Crash course for new lenders entering affiliate channels Jeff's advice for any lender getting ready to approach a Karma, an Experian, or a NerdWallet: Know your conversion rate, offer rate, and completion rate cold. The big affiliates measure all of it. If you don't know your numbers, you will underwhelm. Match your credit spectrum to the placement. A 720+ approval model does not belong in a renters marketplace. Get your product mature before you scale. These channels are better-oiled machines than most lenders appreciate. Watch credit performance like a hawk. Same credit variables can perform differently through a new channel. Don't triple down just because the deal got bigger. Grow slowly. Dave Girouard's line: it's easy to lend money. It's hard to get it back. Resources: What the AI podcast with Jeff Keltner and Annie Delgado Jeff Keltner on LinkedIn ***** For more content like this, sign up for The Free Toaster Newsletter: www.thefreetoaster.com ***** To support The Free Toaster Podcast, please visit our sponsors: Fintel Connect Drive thousands of new accounts and billions in deposits with the only partner marketing solution built for fintech and banking – your all-in-one affiliate platform, partner network, agency, and marketing compliance engine. https://partner.fintelconnect.com/get-to-know-fintel-connect?utm_campaign=13897733-2025%20Partners&utm_source=The%20Free%20Toaster&utm_medium=podcast Bulldog Media Group: Bulldog Media Group is a leading performance marketing company that specializes in online customer acquisition for clients in the financial services industry. Since 2000, they have focused on financial services digital marketing as their core niche. https://www.bulldogmediagroup.com/ Spinwheel: Reduce friction in your lending application with just two fields—phone number and birthdate. Spinwheel’s APIs boost application rates by 20-30% while also providing real-time credit data and seamless payment processing. Want to see it in action? Connect with their Head of Growth for a demo! https://spinwheel.io/partner/?utm_source=freetoaster&utm_medium=podcast&utm_campaign=may New Market Growth: New Market Growth helps fintech consumer lenders generate explosive growth on affiliate marketing channels like Credit Karma, Experian Marketplace, LendingTree, and others. Affiliate marketing involves marketing & credit risk expertise, and NMG's founders bring this with 21+ years of lending experience and 8+ years experience as executive affiliate operators. If you'd like help planning or implementing your affiliate marketing strategy, email us at carlos@newmarketgrowth.com
