By now, we have an overview of the operations of marketplace lending platforms and we have examined the inner workings of bank lending.
We have also looked into some of the advantages and disadvantages of each, and pondered the question as to what marketplace lenders and bankers can learn from each other. Facing their digital dilemmas, they will need to formulate a roadmap along which they could transform and improve their operations.
At the same time, we realize that a discussion about digital strategy can fill entire volumes. Several authors have tackled the question as to how organizations can compete and excel in an increasingly digital marketplace, and they discuss some excellent approaches at length. This is by no means an exhaustive manual on developing or implementing digital strategy for lending institutions of the future—that book remains to be written. Nonetheless, this chapter highlights some important points to consider when formulating a strategy to operate a modern lending institution; no matter whether it is an established bank that wants to integrate digital business models or a FinTech company with the desire to grow past the confines of a startup. This chapter will introduce some approaches and models that banks and lending platforms can use to put their strategy into context.15.1
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