Moguls take on power of big banks
James Packer has described peer-to-peer lending as “one of the global forces leading the transformation of banking” and is backing start-up SocietyOne to eat into the profits and margins of the big banks.
James Packer and Ryan Stokes have described peer-to-peer lending as a global force triggering a transformation of banking as they back Sydney start-up SocietyOne to eat into the profits and margins of the major banks.
“Unlike many sectors, banking is an area that has been largely undisrupted," Mr Packer told The Australian Financial Review.
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