Oh, the pleasure taken by an old guy at a new tekkie pratfall! Schadenfreude, the Germans call it. Too bad about Lending Club. Shed a crocodile tear. The first online lending appeared about 25 years ago, about the time we got our first email addresses. Then or since, anybody can make a loan online, in the sense of gathering information, approving and closing.
- E-commerce focuses on price, as there is no other angle -- no local reputation (or vulnerability after bad service), no tires to kick.
- Online has been just another means of access, the lending part unchanged, until some entrepreneurs tried to apply crowdfunding principles.
- Technologists, bless their brave hearts, have been in a constant and massive effort to reinvent all of commerce, to see if online works better than the old way. Frequently, we’re left with businesses just as they were.