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Banks & FIs to Alternative Lending Firms: Can't Beat You, so Joining You

The traditional lending industry has been hit the worst by new startups since there was a lot of scope for improvement within the industry. P2P lending and alternative financing FinTech startups launched products that not only helped borrowers but also helped in lowering operating costs through the use of technology. This model fits borrowers who want quick access to cash and at good interest rates. When the alternative lending industry started to gain popularity, many predicted that it had the potential to disrupt a part of the banking industry. But nobody knew that it would happen so soon and that too, in such a big way. Banks and FIs are feeling left behind and entering online lending services by way of partnerships with established and emerging lending platforms. The lending market is gathering increased interest from established financial institutions.

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