Weekly industry news roundup – June 19, 2017

News from around the world

Politico reported on the Marketplace Lending Association’s first ever meeting with lawmakers and regulators in the U.S. The goal of the initiative is to bring these politicians up to speed on the developing relationship between traditional banks and P2P firms. This event is another step towards the legitimization of the industry.

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The Economic Times published a piece looking at how the rise of P2P lending doesn’t necessarily portend doom for banks. Rather, the two entities can form a partnership. Banks often have stricter lending parameters that keep many customers from acquiring loans. However, a partnership with a marketplace lender could open up more opportunities.

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The Los Angeles Times warned that “Online lenders are a growing economic and political force. Big banks worldwide could lose 24% of their revenue over the next few years to fintech firms offering personal and commercial loans.” The author also looks at why some of the rules for marketplace lending might develop independently of banks.

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Peer 2 Peer Finance News offered a quick guide from small and medium sized enterprises seeking capital through P2P lending options. The author explores how the low overhead of P2P lending can benefit small companies that might otherwise be turned away from everyday banks.

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Forbes released an article looking at the personal finance habits of millennials. It cites studies revealing that “The Millennials are the biggest generation in history.” This size gives them substantial sway over financial markets. This phenomenon will have major ramifications as they turn to more empowering options like marketplace lending.