Renaud Laplanche, founder and chief executive of the Lending Club believes that online marketplaces will be a driving force in the transformation of the banking system and that traditional banks will benefit. But he also believes that there are five myths that need to be dispelled first:

Myth #1: Marketplace Lending Competes with Bank Lending

Myth #2: Marketplace Lending is Unregulated

Myth #3: Marketplaces Use Unproven Underwriting Models

Myth #4: Marketplaces Are Unproven in a Down Cycle

Myth #5: Marketplaces Have No Skin in the Game