The paper presents two kinds of technological innovations in the financial world: aggregators
and auctions. Those 'inventions' foster entrepreneurship and personal finance management: they
facilitate the access to funds, increase economic know-how and reduce financial costs.
Aggregators offer the complex access to financial services in one place: they group infonnation
about financial products from different institutions; on higher level they also enable the
transactions on-line.
Lending auctions idea is transferred from the scheme of internet auctions of physical goods:
potential borrowers place the tender offer and users interested in lending money bid the amount at a rate regarded as fair concerning the creditworthiness of a borrower. As these are usually peopleto-
people loans, the idea was named sociallending.
Both innovations raise some competitive concerns for financial institutions as they lower the
cost of financial products (mainly loans, but also insurance, investments, leasing, derivatives) and
increase their accessibility for individuals and micro- and small companies
