Why brokers need to embrace alternative finance
A fundamental shift in the alternative finance sector in Australia is set to reshape the Australian lending market, according to a global peer-to-peer (P2P) lender, and it is vital brokers adapt.
Daniel Foggo, the chief executive of the Australian arm of global P2P lender RateSetter, will be speaking at the AltFi Australasia Summit 2016 in Sydney later this month. He said the disruption from alternative finance will be as revolutionary as Uber and Airbnb.
“Just as Uber and Airbnb have disrupted the transportation and accommodation industries, we think that peer-to-peer lending will fundamentally reshape the Australian lending market. By giving consumers a better deal and a faster, easier customer experience, peer-to-peer lending and other alternative finance provide a compelling alternative to traditional providers,” Foggo said.
The revolution driving the sharing economy – which encompasses the likes of Uber, Airbnb and alternative finance – is a “fundamental shift” in consumer attitudes, says Foggo.
“Australian consumer attitudes are undergoing a fundamental shift. Confronted with traditional institutions who have, time and again, put their own interests before that of their customers, people are looking for an alternative.
“So, it’s perhaps not surprising that once consumers become aware of alternative finance options like peer-to-peer lending, they’re quick to embrace it – who doesn’t want a better deal and a faster, easier customer experience?”
This is why it is vital that brokers adapt.
“We want to see lenders and borrowers provided with greater choice and to take more control of their personal finances. Peer-to-peer lenders are changing the personal finance landscape and the greater the awareness of the benefits of peer-to-peer, the greater the outcomes will be for Australian consumers,” Foggo said.
Daniel Foggo, the CEO of RateSetter Australia will be joining other industry leaders to speak at the AltFi Australasia Summit 2016 in Sydney on Monday 29 February. The summit is the largest P2P and marketplace lending conference ever held in Australia.