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American Banker has named online marketplace lending the Innovation of the Year. Matt Burton, CEO of Orchard Platform, explains how this booming business evolved out of peer-to-peer lending and whether alternative finance firms are competing with banks.

Orchard Platform CEO Matt Burton discusses how online marketplace lenders use data and technology to speed lending and improve transparency.

Online marketplace lending, a mushrooming business in the U.S. and the U.K., could take hold elsewhere, says Matt Burton, whose Orchard Platform is looking to expand its lender-support and analytical services internationally.

Business models that ignore human relationships tend to make banks' moral compasses go haywire, according to Ed Clark, the recently retired head of TD Bank.

LendingClub's initial public offering will be the watershed event for alternative lending that Facebook's IPO was for social media, says Matt Burton, co-founder and CEO of online lending services firm Orchard Platform.