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.

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