Over the past year, I have traveled around the world spreading our industry’s collective message. I have had conversations about how and why all of our online marketplaces for credit work; reminded people of the many benefits of our platforms; and discussed the advancement of this new fixed income asset class.
It’s clear that just like payments, movies and music have moved online, the global move to online borrowing and lending is well underway. It’s unanimous. But, it’s not for the faint of heart!
While we have many evangelists and fans, there are also many skeptics, as well as myths and misperceptions about our industry that have been increasing with every misinformed story that is published.
The industry is also working feverishly to educate policymakers and inform sound policy development through new organizations, such as the first Marketplace Lending Association. Now the industry is at an inflection point. As I noted this year (and last year), our industry has evolved from a novelty, to an interesting new niche, to a great idea. In order to become something that people can’t live without (i.e. the smartphone), there are changes and improvements that our industry needs to make. These include: [Read more…]