PEER-TO-PEER NETWORKS ARE CHALLENGING ESTABLISHED PLAYERS
NEW CHALLENGES
NEW OPPORTUNITIES
Peer-to-peer finance (P2P) represents a similar
threat to traditional banks as eBay did to a host of
retailers. The challenge for traditional financial players
is to re-establish their relevance to consumers and
communicate that their offering can rival that of
P2P networks.
Brands have responded to the threat of P2P in
different ways. Some financial brands have looked
to harness the power of P2P by establishing networks
between their customers; for example focused on
financial advice sharing. Others have partnered with
P2P providers In the UK, Santander and Royal Bank
of Scotland have struck partnerships with P2P firms.
However, the biggest opportunity for brands here
is to learn from the P2P service providers to remain
competitive. Financial providers should look to solutions
that feel personalised and offer freedom and greater
autonomy, both on how consumers’ funds are invested
and how their returns are realised.
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PR ES E N T A N D P O T E NTIA L F UTURE S IN F IN A N CIA L SE RVICES