We’ve long touted 2014 as the tipping point for the Alternative Finance sector, and news continues to roll in to support that claim.
A recent report by the UK P2PFA indicates that cumulative p2p lending in the UK for Q1 of 2014 stood at a grand total of £1.207 billion. This time last year that number was just £491 million. The data produced by the P2PFA demonstrates astonishing growth in both consumer and business lending.
Christine Farnish, Chair of the P2PFA, weighed in on the numbers:
“Peer to Peer lending is becoming mainstream and a credible alternative to banks for consumer and business finance.”
More than 5,100 business borrowers and 82,000 consumers have been the beneficiaries of p2p loans made up by over 94,000 lenders. For UK business, the total amount received tops half a billion, while the consumer side of p2p lending could breach £1 billion by the close of Q2. FCA regulation and the impending ISA inclusion are seen to be two of the key influences behind the sector’s impressive growth.
Insurance AI & Analytics USA (June 27-28, Chicago) is the only forum bridging the gap between the analytical and data minds and the business transformation leaders. As carriers rush to meet customer demands and deliver continuous business growth without dramatically increasing costs, deploying innovative technologies such as AI, machine learning and advanced analytics can be the only way to remain competitive. But in order to deliver real value to the organization, these innovations must have a real application in the core business areas and directly improve operational efficiency and deliver a seamless customer experience