個人對個人貸款價值創造與平台策略之分析-以Lending Club為例

Abstract

The P2P lending services industry is flourishing worldwide. The platforms effectively link the interests of borrowers and lenders together by the internet, and create significant value for both. This research based on the case study of America's largest P2P lending platform, Lending Club, to analyze how its business model to create value for the participants, and how to explore the market by platform strategy, and the competition and envelopment threat among P2P lending platforms. P2P lending utilizes “securitization “and” pre-set interest rates” business model to create a debt obligation trading platform between investors and borrowers. The mechanism can decrease participations’ risks by reducing information asymmetry. The platform allow participants to have an incentive to continue to use by reducing lender’s financing costs and increasing investor’s return on investment. Moreover, with the legality and legitimacy of the product, the platform attract new participants and institutional investors to join，and the investment from Google. These bring the positive signal effect for the whole industry, and accelerate the network effect. Due to its high barriers to entry, high brand loyalty, and profit margins diminishing features, P2P lending competition among enterprises appear monopoly, or “the winner takes all”. Moreover, P2P lending industry did not face the envelopment threat so far, but it does not rule out the possibility of future business acquisitions from other platforms. Based on P2P lending platforms have created a good business model, future research could be how to provide diversification products and international services. In term of Taiwan, the biggest barrier is lack of regulation openness and supervision mechanism, even the environmental is favorable for P2P lending. In the foreseeable future, the application of disintermediation and technology in the financial sector has continued to evolve, combined with application of internet and financial industry will be even more closely and comprehensively.