Why 'Peer-to-Peer' Startups Haven't Revolutionized Lending
Finance has proven to be stubbornly resilient to technology innovation. Online trading, despite its ubiquity, never delivered on its promise of democratizing stock investing. Bitcoin remains far from a threat to centrally managed currencies. Incumbent banks, if anything, have grown more powerful since the Internet emerged. The latest innovation to fall short of its early promise is peer-to-peer lending.