He does an excellent job of dissecting the opportunity and advantages the new breed of online lenders have over the traditional banks. Slide 16 has a handy chart showing the opportunity:
and slide 17 has a fairly good look at the online landscape that exists today:
I'll note he is missing Fundrise, in the Real Estate crowd funding space.
As the space continues to heat up I expect to see consolidation across the different verticals (especially as Lending Club and others start to IPO and have cash on hand to expand). It also seems like a good opportunity for the shovel salesmen to cash in.