Yvan De Munck Fintech, CeFi & DeFi focused executive.

The Great Recession, increased regulation, regulatory backlash,and the decrease in consumer confidence in the banks have led to major disruptive developments in the way people and small businesses access credit, an important element to the growth of the U.S. economy. Given that more than 70% of U.S. GDP is related to consumption, access to credit is required for continued growth. As a result of the aforementioned events over the past five years, peer-to-peer and online direct lending have rapidly emerged as a solid alternative to mainstream banking and lending. It is poised for very strong growth and is likely to change the landscape fundamentally in a relatively short time. The banking sector continues to be one of the few remaining sectors where fundamental disruption can still occur as banks find themselves in a unique environment where government related institutions implement new changes, leaving banks paralyzed and unsure how to move forward. As these recent competitiveforces are unlikely to reverse (barring any legislative action) the banks and other intermediaries really only have three options: join them, innovate, or die. Given that the latter is not an option (though the banking sector has gone through a phase of massive consolidation since the early eighties with less than half the number of banks left), banks and credit card companies are having difficulty determining how they will be able to beat the continuing onslaught. Joining the party and splitting the spoils to the benefit of all involved is the preferred, if not the only, realistic option for most. The concept of “collaborative consumption” is increasingly pervasive in our culture and peer-to-peer and online direct lending, it can be argued, is an expression of this new movement in which trust is the “new currency.” To win that “currency” back, traditional financial services companies will have to think outside the box, to regain their place at the top. The issue is timely, urgent, and not going away any time soon.

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