As reported in the Telegraph, Andrew Haldane a Bank of England Senior Director is on record stating;
“I see opportunity knocking for finance,” he added. “Hopefully, the growth of peer-to-peer lenders and those involved in crowdfunding will help solve the problems we have with lending for small and medium enterprises … The banking middlemen may in time become surplus links in the chain.”
This is quite a resounding endorsement from a Senior Banking official in the United Kingdom. Haldane points out that crowdfunding and peer to peer lending companies are in their infancy today. They are quite small – but then so was Google not too long ago. It appears the British Government is encouraging alternative forms of finance to aid in small business development and entrepreneurship.
“The mono-banking culture we have had since the 1990s is on its way out,”…
It may bethat challenging established , major banks is a policy goal.
“Instead, we are seeing a much more diverse eco-system emerging with the growth of new non-bank groups offering peer-to peer lending and crowdfunding which are operating directly with a wider public.”