There are 6,799 federally insured banks in the US; it's an extremely competitive market compared to anywhere else in the world. They're also constantly competin

There are 6,799 federally insured banks in the US; it's an extremely competitive market compared to anywhere else in the world. They're also constantly competing against non-bank lenders and P2P lending marketplaces. If you have a better algorithm of determining credit risk you can make a lot of money undercutting the competition on the right borrowers.