ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Why The Old Banks Are Losing The Game To The Internet Loans

Updated on February 22, 2015

Today more and more people, for quite many reasons, do not even think to apply loan from an old bank. They turn to the internet lenders, or actually the internet lenders turn to them.

The Old Dog And The New Tricks!
When we ask, what has happened, we have to look at two things: the digital revolution and the Internet. It is amazing, how the digital world differs so totally from the traditional world! And especially as to the attitudes.

The digital world is totally consumer driven, which is a must, and the traditional world supply driven, where the consumer is just a nuisance!

Old Banks Are "Easy Life Lovers"!
They love the world, where nothing is changing. It feels so secure! This attitude guides their attitudes and they just refuse to admit, what is going on outside the thick doors of the banks.
Why? Because it differs so much from everything, which is holy in their world.

1. The Digital Revolution And The Intenet Changed Everything - Besides The Attitudes Of The Banks!
Actually the big question is NOT about the technology, it`s about the human beings and about their attitudes: do you care about the consumers` needs or not?

2. The Borrowers And Their Needs Have Never Been Important To The Banks - And Now They Have To Pay For That.
This problem has historical roots. Especially in certain countries, like here in Finland, the finance market was long extremely restrected and controlled by the state.
This meant, that there was no real competition between the banks. And more important: what this situation meant to the attitudes?

3. In The Internet The Lenders Must Honestly Serve The Borrower, Because The Borrower Can Easily Compare The Offers.

And what has happened?
These new digital age lenders have responded to the consumer needs and created great products for different consumer needs: Peer2Peer Loans, Payday loans, borrowing with SMS etc.

So we can ask, whether this development is good or bad? The answer can be found from the success of the online loans.

We can also feel, that all this is just a beginning. More and more financial services will be moved to the Internet, where the consumers actually run them by themselves at whatever time of the day and at whatever place they are.

We can just say, how interesting and beneficial this all is to all of us, to the borrowers and to the entrepreneurs.

Juhani Tontti, B.Sc., is a proven loan market expert, who has a strong experience also from the brand marketing, advertising and from the loan market. You can follow his ideas at his blog: Lainaa


    0 of 8192 characters used
    Post Comment

    No comments yet.


    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at:

    Show Details
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the or domains, for performance and efficiency reasons. (Privacy Policy)
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)