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Yes, we totally agree that in the 21st century the banking systems have changed drastically. But on the other hand, have you thought about how in the long term future P2P lending would replace the banking systems. 

The banking sector is fundamentally undergoing a transformation. The switches include changing business models, disruptive technologies, FinTechs, and compliance pressures. The emergence of non-bank startups, which is also referred to as FinTechs, there comes P2P Lending which is currently modifying the competitive landscape in the banking industry. It has forced traditional institutions to restructure the way they conduct business.

P2P lending would be a major factor driving. It is steadily growing and it will soon probably achieve mainstream status. Peer to Peer lending development, which is based on new-age technology, has opened up various avenues for the transparency and openness of transactions. 

The safety and security of transactions are more in the blockchain system and this mechanism allows for more cleaner and efficient transactions. 

Another factor is the interest paid by traditional banks to investors/depositors is astonishing. At the time they charge up to 20% from the borrower and pass on only 4-5% to the investors. The entire balancing amount is with the banks in terms of expenses and profit. Thus P2P lending on low-interest rates because of the elimination of third parties. As well as, the role of the intermediary is abolished in the P2P lending platform. P2P lending platforms will push more efficient usage of capital, making more capital available for lending than what traditional banks would have done.Considering the above factors, the P2P lending market has a huge potential, as it is forecasted that by the year 2027, it will grow to USD 558.91 Billion. ‌So it seems that it is not P2P lending that is the future of banking but a rather larger perspective.

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