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The Rise of Alternative Finance in the Midst of Banking Crises: A 2023 Perspective

The global financial crisis of 2008-2009, which was primarily caused by the excessive risk-taking of traditional banks, led to a widespread loss of trust in the financial sector. Fast forward to 2023, and we now find ourselves in a similar situation. This trust deficit created a vacuum that alternative finance has been filling since then. Alternative finance refers to the various financial channels that exist outside the traditional banking system.