Madiston News

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Banks shouldn't fear peer to peer marketplace lending

"Europe's mobile banking industry is exploding: Forrester (May 2014) predicted that banking on a smartphone will grow from 42 million users in 2013 to 99 million in 2018 and tablet banking will grow from 19 million users in 2013 to 115 million users in 2018. Banks are both driving and reacting to this demand with their own apps, with mixed success. Know Your Mobile reports that 73 per cent of customers would choose the financial service provider with a good app over one with a badly designed app or no app at all, and 42 per cent would even pay slightly higher fees for a better app.

Just as consumers are changing in terms of how they interact with their banking providers, with more than half of the UK now regularly banking online, so too are their investment and borrowing habits, leading to an unprecedented growth in peer-to-peer (P2P) marketplace lending. Inevitably the two trends have collided, and now we are seeing P2P apps emerging for smartphones and tablets – this really is the era of 'your money your way'."

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