DISTRUPTING BANKING: Non-traditional lenders could siphon away as much as 7% of annual US bank profits, amounting to more than US$11bil (RM41.17bil), in five years or more, according to Goldman Sachs research analysts.
NEW YORK: When Kevin Pereira needed a loan last year for his shaving gear business, his bank, Wells Fargo, considered his application and turned him down.
After a Google search, Pereira, 26, found Kabbage, an online lender that used high tech tools to evaluate his credit, including analysing his company's Facebook page and looking for quirks in how he navigated the Kabbage website. The lender sifted through his company's credit card data and its checking account information.
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