Astonishing. Traditional bankers awarded Zopa the Banker Technology Award for Best Internet Project. Now, should we expect to see banks setting up project teams to launch their own social lending services? Or how will banks leap forward to be a part of the "future of finance"?
Source: FirstRung via TheBankWatch
British Zopa.com just published a spreadsheet with Zopa default rate figures. The weighted average of overall defaults is a tiny 0.1% ! Even more interesting all defaulted cases happened in 2005 or the first half of 2006.
Another interesting read is this case study on Zopa (published late 2006).
Borrowers with unsatisfying credit seeking a loan can not use Zopa.com. Instead of just declining these applications, Zopa now sells these leads through Paaleads.com. Brokers and financial advisors can bid to obtain these leads. (Source Mortgagesolutions-online.com)
Paaleads classifies the leads in three categories:
As the screenshots below (taken today) show, the leads are selling for prices of up to 35 pounds.
Congratulations to Zopa.com for winning a webby in the category banking and bill paying. (Source: Zopa blog)
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