Karen Mills a Senior Fellow at the Harvard Business School Harvard, former Cabinet Member during the Obama Administration from 2009 to 2013, and former head of the US Small Business Administration, sat down with JD Alois at LendIt Europe 2017.

Mills shared some predictions about online lending while explaining the phases of Fintech disruption. Today, Mills believes we are somewhere between Phase 2 and Phase 3. These Phases are described as follows:

Phase 1: The Wild West and the Emergence of the Innovators

Phase 2: The Banks Wake Up

Phase 3: The platforms arrive: Alibaba. Amazon. Square etc.

Phase 4: Small Business Lending Utopia