What a load of Bankers
Currently, as students it is unlikely that we will be able to finance lending a lump-sum to some random individual. However, the chances are that you may have taken a loan from a bank or family member at some point. Would you ever imagine yourself borrowing from a random individual?
P2P lending and borrowing is growing within the financial technology area – or fintech as it often goes by. The fundamental idea behind P2P is taking the middleman out of the process and thereby reducing various costs. In the cases of lending and borrowing, multiple firms offer the option for the two parties involved in the transaction to agree upon their own terms and rates of the loans. This is great for both the loaner (who gets the chance to earn money and gain a return from their ‘investment’) and the loanee (who is hopeful of getting a better deal that what many of the banks are offer, especially in the current circumstances). 
Currently there aren’t yet any players or firms which are dominating this industry yet many of them are valued ridiculously high. However, competition may arise from companies such as TransferWise, who are currently operating through providing minimal fees for individuals to send money to a bank in a different currency, for example, from Pound Sterling to Euro. This idea, generated by the creators of Skype and backed by Richard Branson may be the start of moving money transactions away from mobile banking to other sorts of third party applications. 
As you can see, in addition to the rapid growth of the fintech area and what seems to be the goal of beating the middleman, does the future of banks look vulnerable? Do these start-ups pose any threat or are the banks just too big and powerful? Do they even care about these revenue generation sources? Why aren’t they doing something about it? What can they do?