«Distruption». Destruction. The analysts, not only those of war, I often use this term, almost lightly. I also employ technology experts, to understand how strong the mutation taking place in a certain field. And just “disruption” is about Andrea Rangone , the founder and director of the Observatories ICT & amp; Management of the School of Management of Politecnico di Milano, in describing what is happening in the banking system. In recounting the flood of money that is pouring on the start-up of the so-called “Fintech”, finance technology.
Nothing will be as before, in the world of credit, “Why when the money of venture-capital focus on a sector, it is as if on that sector were funded weapons capable of upsetting a system. And the field of financial investment alternative is littered with this kind of weapons, “it is the linear interpretation of Rangone. That supports it with impressive figures: “In 2014, to put the turbo Fintech start-ups, venture-capital funds have put on the plate two and a half billion dollars; in the first half of this year the investments have already exceeded one billion and a half and we will close above the three. And in 2016 the rate will rise again. “
There are so many to prophesy sconquassi, caused by the rapid approach of the” fault “to finance” fault line “technology. A hot melt which, in brief, would explode the disintermediation of traditional relationship between bank and customer, making it increasingly possible through new technologies and trends – ie algorithms, big data, aptitude for sharing natively digital generations – direct contact between customers. The “social lending”, loans between private managed by an online platform that makes money holding a commission, is the application symbol of a revolution that the American weekly “Newsweek” portrays as the biggest change in the last 400 years on the planet bank while the French of “The Express-L’Expansion” devote a articolone the “pirates of finance who want to blow up the banks”.
The phenomenon has exploded in the US, where consumer credit – scope of choice for the so-called P2P (“peer-to-peer”, from person to person) – is a Moloch that is between two thousand and three thousand billion dollars and has emerged in the English-speaking world and in China. In Italy they take their first steps. Smartika and Prestiamoci, the two Italian companies authorized by the Bank of Italy to deal with social lending, in fact the loan between private travel with ambitions numerical distant light years from the estimates for the future and the present reality of the most important companies in the world.
Social Lending last year has provided loans for 4 billion and 400 million dollars, and her maids Prosper and SoFi occupied the other two steps of the podium Yankees respectively with 1.6 and 1.3 billion dollars lent. Smartika, the largest of the Italian, has so far disbursed 18 million and a half euro, Prestiamoci is still very youngest. “Currently, about one billion consumer credit granted in Italy goes to the people who seek the loan on the internet here, we have to attack that market, even 5 or 10 percent should be good for us as initial target,” he says Maurizio Sella , President of Smartika and descendant of the famous Quintino Sella (who was his great-great grandfather).
Sella is also relative of the homonymous Sella Bank, but not in business with they. His goal, at least as a reasonable goal of the first phase of significant growth, in short, is to “conquer” a slice between 50 and 100 million consumer credit. A bit ‘above rank expectations Prestiamoci, the only competitor tricolor on track – at least so far. Michele Novelli , a number of companies, pointing it at 0.5 per cent of the domestic business of personal loans, estimated at 24 to 25 billion euro.
Hard to imagine , in our country, the underground workings of Smartika and Prestiamoci underwater landslides can make the ground under the feet of the traditional lenders, despite the apocalyptic predictions of some experts. Certainly the sector is in turmoil, but banks, initially displaced, when they begin to experience the social lending as a dangerous rival contrattaccheranno, trying to come to terms – agreements, mergers, exchanges, intended to not stepping on their feet, who knows – with so-called pirates.
Beyond shareholders Smartika and Prestiamoci, some Italian who really believes “disruptive” impact of social lending – and imagine that you can make money – however there. The only new financial investment of Exor, the holding company of the Agnelli, the last year has been on the listing of Lending Club, the giant world of P2P lending. The financial chaired by John Elkann has dropped about 13 million dollars to put a “chip” on the land of Lending Club on the list of Wall Street (11 December 2014) and holds 0.25 percent of the capital . In the first weeks of career in the stock market stars and stripes society action has galloped, hitting a 30-dollar price. Then reversed back, coming back more or less around $ 15 the placement price, after making his debut with a bang, closing the first day of trading at $ 24.75.
In the spring of 2013, Google It joined the company with a stake heavier – $ 125 million – but at that time the promising enterprise in California was rated “just” one billion and 600 million. What it does, by trade, Lending Club, a global icon of finance technology, which capitalizes on the Stock Exchange 5 billion and a half dollars? He explained well Elkann last meeting of Exor “manages an online service that brings together investors and who borrows money, offering both better economic conditions than those available through traditional channels.”
On the side of the lender (of money), the strength of social lending is to obtain attractive yields, especially when compared to those of the current bonds, paying money whose remuneration is not tied to the repayment capacity of a single subject but many debtors, with percentages of insolvency on average lower than those suffered by the banks and financial classic. On the side of the applicant, the advantages are mainly in the speed of procedures and rates almost always cheaper than traditional credit providers.
The social lending is considered a business with very high growth potential, though perhaps consider the killer epochal system of banks classic is a bit exaggerated, especially in reality such as Italian. According to a recent study by PwC, giant auditing and consulting company, in the next ten years, the turnover of social lending will reach $ 150 billion. For PwC, the payments in 2014 exceeded 11 billion and in 2015 will exceed the big 30 billion.
More than on its actual impact on the credit system, for now, in Italy, the phenomenon of the loan private is definitely more interesting when viewed from the side of the lenders. Because those who need to mop up between 5 and 15 thousand euro for a personal loan of alternatives has, perhaps at the cost of dropping a few percentage points more in interest. It is the investor who does not have many diversifications, if he wants to remain nell’alveo investment “quiet”. The return offered by Smartika Prestiamoci and ranges from 5 per cent per annum of the first 9 percent of the second in the case of loans to customers more problematic. Neither company can ensure the performance proposed, however, ensures Sella, “from 2012 to today we did not pass any practical loss, and also a few months we have started a fund against the possible insolvency.” With Smartika, the money of the lender (the minimum is 100 Euros and the maximum is from 50 to 100 thousand euro), are divided between at least 50 applicants, to minimize the risk.
The duration of loans between 12 and 48 months. “Lenders are 90 percent men, especially between 35 and 55 years old, and live mainly in large cities. Begin investing thousand euro and then increase the sum. Initially there were especially curious, the experimenters of all the news coming from the web, then grew the audience of those who consider the “social lending” a reasonable diversification in its investments. ” Sella is that Novelli, head of Prestiamoci, aspire to a slice of personal investments: the rest would be foolish to place all his hoard of savings in one “tool”, however, still so young.
But who the money they asked to borrow, by that rationale is pushed? “One-third do so for repaying debts with other and get better deals from us; third to finance medical and dental expenses, another third to buy a car or a used bike, “says the great-great grandson of Quintino Sella. That, as fellow-competitors Prestiamoci, is waiting for the go-ahead of the Bank of Italy to carry out a capital increase that would allow the company’s growth. Why, though with feet of lead, as well the social lending tricolor grow. Sella believes that, within a few years, companies like his there will be ten.
Some of them even try to jump on corporate loans, a key delicate Italian economy. Of course in America there are others who do it, as OnDeck, and others are trying. This would be the real revolution, even if the finance “paper” would not have let some take away the loot without reacting. Moreover, the fuel for loans made on platforms such as Lending Club now provide them not just individuals: hedge funds and private banking account for about two-thirds of the “lenders”. The social lending, in short, is “disruptive” only for those who are immobile.
No comments:
Post a Comment