BoE’s Haldane says technology may trigger UK banking revolution

Britain may be facing a banking revolution as technology transforms business lending and the dominance of its banks, a senior Bank of England official told the Independent newspaper on Monday.

“The mono-banking culture we have had since the 1990s is in retreat,” said Andy Haldane, the BoE’s executive director for financial stability.

“We are seeing a much more diverse eco-system emerging with the growth of new non-bank groups offering peer-to-peer lending and crowdfunding which are operating directly with a wider public,” he said.

via Business feed http://www.scmp.com/business/banking-finance/article/1107037/boes-haldane-says-technology-may-trigger-uk-banking