LendingClub uses technology that banks don't have, to offer what they can't.
Interesting post! Curious how much you believe the network effects are going to create barriers to entry. It feels to me like other entrants like Prosper, Avant, and others are still able to attract capital and borrowers.
I am not too sure about the online platforms’ long-term profitability as I think competitors will bid up prices for customer acquisition until returns for the industry reach more normal level.