Peer-to-peer lending emerged on the UK financial services scene in 2000. What was first thought to be the latest fad in lending and borrowing is now commonly regarded as a gamechanger. Although the sums are still relatively small, new entrants are gradually eating away at the market share of the big incumbents.
Warren Mead, Head of Alternative Finance and FinTech for KPMG, wholeheartedly believes P2P lending can offer many opportunities for the established players if they opt for collaboration over competition. In his whitepaper P2P is a gamechanger, but banks can respond, he sets out how he sees P2P lenders reshaping the industry through their impact on five key areas:
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.