I recently stumbled upon an article about a Web Based banking company called Zopa.
It is an marketplace for Social Lending where people lend and borrow money from each other. I have seen this concept few times but Zopa looks like the first serious player that can spread this concept on a global scale.
It is like borrowing and lending money with your friends and family - except there are thousands of people you can lend and borrow with.
Both lenders and borrowers get better rates, because Social Lending is hugely efficient than the traditional banking model.
Currently they are operating in USA, UK, Italy and Japan. Wonder how long it will take for this concept to start operating in New Zealand.
Click here for more information on this great idea.