The web has revolutionised pretty much everything and continues to do so, and ever since day one (and clearly for a good few days before then) at Zopa we’ve believed that the future of money is human and involves using the web to do things better. That’s why we’re particularly happy to see that a recent research report from Gartner predicted the following:
“By 2010, social-banking platforms will have captured 10% of the available market for retail lending and financial planning.”
That’s just two years away. Now, we’re very nearly three years old (more on that to come) and in those first three years we’ve seen Social Lending (or Peer to Peer Lending as it’s also referred to) firmly establish itself as a new way to lend and borrow money in many different countries around the world.
Since we launched back in March 2005, we’ve grown substantially in the UK and gone on to launch in Italy and the US. As more and more people realise the potential of Zopa (and other similar companies that have since launched), then that 10% figure seems even more likely to us – especially given the relentless trend towards transparency and the ongoing struggle of the big banks to become so.
Obviously James over at BankerVision cast some doubt over the prediction (he works at Lloyds TSB !!!) but with encouraging blog posts today from Johnnie Moore and Anthony Mayfield (who also looks at the extent to which Zopa is being talked about over at Money Saving Expert and predicts a ‘tipping point’ for us soon in the UK) – we’re feeling particularly chuffed and excited today so we thought we’d share that with you.
Here’s to 2010 and 10%, maybe even more!