Antony Mayfield has an interesting post on specualtion that social banking (things like peer-to-peer lending) could account for 10% of all retail lending in a couple of years.
This comes via Jason Gardner, blogging with refreshing honesty from within Lloyds TSB. I like the idea of a banker who does thought experiments like this one:
As a thought exercise, I've been wondering if it is possible, these days, to do without a bank at all and still have a relatively normal life. And by normal, I don't mean keeping cash under the mattress. I'm talking about a proper banking relationship, but without the bank account.Actually, I've done some work in the retail banking sector recently (sorry to be opaque but I signed a very weird NDA) and these guys are clearly paying attention to the changes all around us. Whether they can develop an effective response is a whole other question.
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Comments (3)
Hi,
Eko (eko.co.in) is trying to replicate the same in India.
I have my reservations if Eko would work in the long run but they have managed to get a lot of attention from media and investors.
Regards,
SG
India
February 21, 2008 12:24 Permalink for comment
Hey Johnnie. I work with Zopa in the UK. Giles the MD has just posted about this here. We'd be interested to hear any feedback you have on Zopa. Have you tried it yet as a lender/borrower?
February 21, 2008 17:13 Permalink for comment
Hi Johnnie,
It would be really hard to imagine someone huge like Wachovia, Bank of America or Wells Fargo not taking notice of this trend sooner or later.
The real issue?
Will lobbyists pressure Congress to regulate peer-to-peer lending? (after all the sub-prime lending abuse issues are resolved... in about 5 years)
Or will the big banks simply want a piece of the peer-to-peer lending business?
Joshua Feinberg
February 24, 2008 22:41 Permalink for comment