Conventional banking is facing new challenges from non-traditional players, which are taking advantage of digital innovations and technological advancements. Financial Technology (FinTech) startups have been formed, particularly peer-to-peer lending (P2P) firms to provide financial intermediation services to lenders and borrowers. This poses competitive challenge to conventional banking.

Based on the above statement, evaluate how conventional bank lending will face stiff competition from peer-to-peer lending (P2P) firms in the future.