Zopa - Another Social Lending Site
As I discussed before with Prosper, social lending is gradually grabbing a chunk of the banking market. Zopa is another social lending site that is trying to help member to member loans. How does this affect you? Well, Gartner predicts that this newfound trend called “social banking” will capture 10% of the banking market by 2010. Not only will making investments on these currently small online networks become more mainstream in the coming years, but they’ll gradually put a dent in the current financial system as we know it. Traditional commercial banks like Bank of America and Citi will have to adapt to these growing trends in order to stay at the top of the food chain.
As the online space has begun to crowd source everything from social networks to news, it’s no surprise that banking is the next big thing.