Gartner has a report suggesting that financial institutions need to react to non-bank competitors like Paypal and Zopa or risk losing control of the financial relationship. They say that 10% of lending will be through social-lending platforms by 2010 and Paypal and similar services will take 10% of banks' revenues:

By 2010, social-banking platforms will have captured 10% of the available market for retail lending and financial planning.” Yeah, but ING which was strutting around with its Second Life presence during a Financial News banking conference in London in late spring, has just announced it is pulling out of the avatar world.

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