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Monday, July 6 • 1:30pm - 2:30pm
We:Bank: Changing the Face of Financial Institutions

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Given the failure of traditional banks and financial instruments, are peer-to-peer finance platforms an answer or just a fleeting phenomenon? As well as exploring the broader issues of web enabled finance services, we'll also get detailed insight into how platforms like Zopa, Kubera, Wonga, Sellaband and Free Risk work. First we will explore the reality of innovative finance services online. The entrepreneurs behind them will shed light on innovative aspects of their technology, business processes and likewise discuss how they fit into a regulatory framework built for a more physically attached finance sector. We will hear how the centuries old Rotating Saving and Credit Associations and brought online by Kubera, how Zopa has implemented p2p lending and borrowing, how Sellaband has build a platform for collaborative investment in artists, Wonga will show how credit scoring and lending can happen in almost real time, and FreeRisk will explain why traditional credit rating is flawed and how an open source approach could fix it. Following the presentations by the companies we will discuss whether those businesses can scale and provide real alternatives to traditional financial institutions. We will also ask if new ethical challenges are emerging and if there are areas where government should help, or current regulatory setups hinder innovation. THIS IS A 2 HOUR SESSION FINISHING AT 3.30.

Monday July 6, 2009 1:30pm - 2:30pm
Faraday 2 Savoy Place, London, WC2R 0BL

Attendees (29)