42244 0 3 econsultancy_xml <p>The SFO study surveyed members of <a href="http://www.zopa.com/ZopaWeb/">Zopa.com</a>, an online lending community, as well as a general sample of mainstream banking customers. </p> <p>Findings of the survey include: </p> <blockquote> <p>• 74% of consumers would consider borrowing online through a ‘social lending’ community rather than a high street bank. </p> <p>• Between 43 and 69% of people felt that the interest charged on borrowing from high street banks was not fair in comparison to the interest rate received on savings and investments.</p> <p>• On average, 64% of general bankers said that they had received charges from their principle bank which they felt were unfair or unreasonable.</p> <p>• Nearly 8 out of 10 people of people who have borrowed on Zopa said that Zopa secures a lower rate of interest than offered by high street banks. </p> </blockquote> <p>Study author Professor Michael Hulme believes social lending offers more to consumers: </p> <blockquote> <p> <em>“For most people, banking does not provide any form of rewarding or valued experience, it is simply a necessity. In contrast, the community sites we looked at appeared to offer a much deeper appreciation of the individual far beyond the actual transaction."</em> </p> </blockquote> <p>High street banks and traditional lenders are likely to be sceptical about this report, as the study was partly funded by online financial community Zopa. <br /></p> <FormattedContent xmlns="http://www.e-consultancy.com/schema/formattedContent/"> <Paragraph>The SFO study surveyed members of <Link URL="http://www.zopa.com/ZopaWeb/" Window="New">Zopa.com</Link>, an online lending community, as well as a general sample of mainstream banking customers. </Paragraph> <Paragraph>Findings of the survey include: </Paragraph> <Block> <Paragraph>• 74% of consumers would consider borrowing online through a ‘social lending’ community rather than a high street bank. </Paragraph> <Paragraph>• Between 43 and 69% of people felt that the interest charged on borrowing from high street banks was not fair in comparison to the interest rate received on savings and investments.</Paragraph> <Paragraph>• On average, 64% of general bankers said that they had received charges from their principle bank which they felt were unfair or unreasonable.</Paragraph> <Paragraph>• Nearly 8 out of 10 people of people who have borrowed on Zopa said that Zopa secures a lower rate of interest than offered by high street banks. </Paragraph> </Block> <Paragraph>Study author Professor Michael Hulme believes social lending offers more to consumers: </Paragraph> <Block> <Paragraph> <Quote>“For most people, banking does not provide any form of rewarding or valued experience, it is simply a necessity. In contrast, the community sites we looked at appeared to offer a much deeper appreciation of the individual far beyond the actual transaction."</Quote> </Paragraph> </Block> <Paragraph>High street banks and traditional lenders are likely to be sceptical about this report, as the study was partly funded by online financial community Zopa. <LineBreak /></Paragraph> </FormattedContent> 2006-11-24T11:51:00+00:00 0 1 econsultancy_xml <p> <strong>A new study has claimed that the social networking boom could eventually threaten the dominance of traditional lenders.</strong> </p> <p>A study by the <a href="http://www.socialfuturesobservatory.co.uk/">Social Futures Observatory</a> think-tank found that many consumers would consider borrowing through online ‘social lending’ communities rather than high street banks and other traditional lenders. </p> <FormattedContent xmlns="http://www.e-consultancy.com/schema/formattedContent/"> <Paragraph> <Emphasis>A new study has claimed that the social networking boom could eventually threaten the dominance of traditional lenders.</Emphasis> </Paragraph> <Paragraph>A study by the <Link URL="http://www.socialfuturesobservatory.co.uk/" Window="New">Social Futures Observatory</Link> think-tank found that many consumers would consider borrowing through online ‘social lending’ communities rather than high street banks and other traditional lenders. </Paragraph> </FormattedContent> false 561 <p>Econsultancy's <strong><a href="http://econsultancy.com/reports/online-customer-service-buyers-guide-2009">Online Customer Service Buyer's Guide</a></strong> includes profiles of suppliers offering online survey tools.</p> <p>Econsultancy's <strong><a href="http://econsultancy.com/reports/online-customer-service-buyers-guide-2009">Online Customer Service Buyer's Guide</a></strong> includes profiles of suppliers offering online survey tools.</p> 362214 Internet social lending 'may threaten banks' false 2006-11-24T13:21:00+00:00 internet-social-lending-may-threaten-banks 2009-04-28T22:38:47+01:00 2009-10-13T08:45:25+01:00 447