The Bank of Facebook

[michaelqtodd]

Fascinating insights

[pamelbia2011]

Power to Thomas! It was destined that that's your family name.  What a good discussion!

[betsyn52]

Great video and good thought process

[keyworkersdirect]

Great video Thomas Power, the clue is in the name. :)

[jbdcolley]

Thomas - I agree entirely but what if Facebook went further and launched its own currency - see my blog post at the Six Minute Strategist - Facebook de-nationalises Money - The worlds new reserve currency.

@jbdcolley

[Vorsight]

Wow, first time viewer and immediately subscribed! Great ideas, logic, and explanation. It has been interesting to see Social Media grow in the last 10 years, can't wait for the next 10!

[pathikbd]

I like this gentleman (Mr. Power).

But, Peer to Peer Landing is already in practice. That is what Dr. Yunus of Bangladesh got Nobel Peace Prize for. The concept is called Microfinance.

This concept supports the issue of Bank Loan without any collateral. The only collateral is, the Peer Trust. And Dr. Yunus believes that this banking system or Microfinance will become major stream of banking in future.

[impactmediausa]

wow! that is a very eye opening concept

[OurDJrocks]

peer to peer lending... makes you really think about the future

[petermerkle]

The winner of the game is the one with all the names. Hmm, interesting.

So then what you can say is that just as anywhere else you would be creating a list, you would have your database built at Facebook through the magic of social networking?

[wilsuthers]

I guess Facebook would want to become a bank first.

[Lyndsay2020]

scary thought indeed - are Facebook benign?

[sarepurplebear]

Interesting, but I don't want Facebook to become a bank! There is enough problems with security on Facebook as it is and if they tried to sell banking I would leave Facebook and join some of these other social networking sites. I don't think that Facebook is for kids and I also see it as a potential to sell yourself/service. However I do not see myself leaving Facebook as all my friends are on there and I think it will be difficult for other social networking sites to get that no. 1 position.

[MamtaNarang7]

This was an indeed an interesting perspective to hear Thomas.

[wdebauchez]

Super stuff as usual

[thomaspowerecademy]

Zuck: Facebook's Future Is Not As A Web Site

CEO Mark Zuckerberg is pretty sure the future of the company wont really be as a destination Web site, but as the Web-wide platform that connects us not just to our friends, but also the businesses we transact with. And he may not be wrong.

[sadds12]

Good thinking Thomas.

Although Facebook profile has a limit on number of friends, Facebook Page doesn't. Hence most celebs have a Facebook Page.

Raj (ex-Kwiqq)

[SteveRowlands1]

Isn't Google already ahead of the game in the Ecommerce world with adsense? they just need to put it all together.

[thomaspowerecademy]

@SteveRowlands1 perhaps but Google's a one product company and has made no breakthroughs beyond Google Adsense. Facebook has caught them without Search remember.

[SteveRowlands1]

Isn't Google already well ahead of the Ecommerce game with Adsense? They just need to put it all together.

[londondigitalpr]

Love the ideas here by the way. Can't really understand why Facebook has not got further into e-commerce and discount buying way before? Why do you think it is? Do you think also that their actual programming and systems perhaps can't handle more than 5000 friends? There are many 'bugs' which slow it down. Maybe there is more work to be done.

Anyway great ideas! Thanks.

@moniquelester

[thomaspowerecademy]

@londondigitalpr it's very early for Facebook let's not rush them but equally let's continue to project forward to FB2020.

[BMSHEPP]

Great Video!!! Something to think about.

[shodevitm]

GREAT VIDEO !!!!

[MultiSimon39]

I know you are "long distance runner". and you fervently support networking .Of course, the chemistry of big numbers in the long runner wins

[thomaspowerecademy]

agreed and thank you Simon. Tx

[paulejbuckley]

brilliant as usual Thomas!  ;-)

[jacmac127]

Great bit Thomas.

[Murphz1]

Bank of Facebook? Completely Flawed!! Whilst the ''money may be in the list '' in most cases, when it comes to lending money, the ''money'' is in getting paid back - with profit. No Point Lending to 1 Billion People if only 75% pay it back! Most banks are terrified if 2% are in arrears.

Sorry, Daft Idea.

[606dan2580]

You must also remember that a large proportion of members are under the age of 18, thus reducing the chance lending to them.

The average individual isnt that bothered about risk or interest rates so it doesn't have much to offer at all.

[thomaspowerecademy]

wrong the average on Facebook is 29, my kids are 17, 15 and 12 and all expect to bank with Facebook. Natwest won't let them login to their current accounts.

[kiwinana67]

Great Video Thomas, have posted it on twitter. Great food for thought, what could happen in the future if the world goes on as it is now.

[millionairesworldbiz]

Fantastic Video

I would also add that YouTube is a Better search than Google for upto date content

5 Stars

[thomaspowerecademy]

that is something I agree with and still don't understand why?

[KevHerbie]

Great Video!!! Can't ever see the banks being pushed out but it would be nice for the public to be able to fight back and reduce their power in the world!!!

[obeattie]

Ugh

[mahzad0]

Can I hit a button & share this on twitter? No.

But I can hit share on facebook button, and share it there.

Twitter needs to work out why it is not as user friendly & popular as facebook.

Small things count.

[thomaspowerecademy]

@mahzad0 sure go ahead

[WiredPockets]

Good video - concept is there but they will have to tighten up completely on their security and policies regarding access etc.

[ofcwiz729]

There seems to be no limit to the power of networking sites. Great idea Thomas. I'm impressed and so will others be.

[MeltonMMarketing]

This info is thought provoking! Thanks for the info! I am agreeing with you on this issue. They have the power to make it happen! Once again thanks!

[MoneyPouringIn4U]

Hi there!

This is fantastic info!

Who would have ever thought of this? Great stuff.

Dev

[mmcc50]

Awesome evaluation of facts - concise and pointed. Requires more in depth study by all who study social media.

[exprzit]

I liked the first time Thomas spoke on this subject. This  presentation is simply that much more compelling. I love

[dmcgtrish]

I think you just struck the pulse of what's to come! Right on!

[henrywlu]

Wow, What a great observation seeing facebook as a super bank of facebook. Amazing! Recently, I am in the middle of Digital Media and felt that TV still outrun Internet and may be for many years to come too. Your observation really sees something that we don't see and I totally agree.

[MCBTranslations1]

Thanks for sharing your knowledge about the background of the Social Media world.

[justynalam]

Love how you present this topic. Its quite thought provoking at the very least. I do agree that Facebook and Twitter hold a huge potential, people really should take the advantage right now and learn how to use these powerful networks.

[StephenCotterell]

Thomas - I invite you to walk the talk and deliver on your ideas and the promises that you and your team make on and about Ecademy - if the winner is the one with all the names where does that leave your efforts? - Stephen

[thomaspowerecademy]

@StephenCotterell in order to keep up Stephen we would need to bring in venture capital, we've chosen to stay independent and run the company ourselves. Tx

[topher60657]

In the consumer market, individual buyers have very little power to bargain over prices, supply chains, quality, etc. That dynamic changes dramatically when large groups 5000+ act as one group making purchasing decisions. That sort of power will get the attention of companies. Great video!

[tlrutland]

I couldn't disagree more with "the winner is the company with the most names". If that were the case then the winner is...the telephone directory.

4 million friends = zero connection with 99.999% of them.

[ncollis1]

Cool, calm & collected Thomas presents us all with topical tips for our prosperity. As in networking and akin to most businesses, it is all about numbers!Thanks for sharing this & here's hoping you are not giving away too many ideas to the competition!

[GardenMachineryForum]

Very thought provoking, I had never thought of Facebook as a bank, I like the thought of the banks having more competition.

[pagshamano]

Very nice job. I will be sharing this with my friends, Ciao

[corpfocus]

Well done Thomas! Very thought-provoking. I will be sharing this with my friends.

[corpfocus]

Well done Thomas!  Very thought provoking. I am going to think this through and share it with friends.

[geoffmoffett]

Fantastic Video! Well explained!

[VindenGrace]

I saw Thomas Power speak at the Expand Your Brand conference last weekend, where he also showed this slick video. Thought-provoking stuff Thomas. As they say in Internet marketing, the money's in the list!

The competition might be good for the banks ;-)

[SMFCflyer]

Thought provoking. I suppose it's how Facebook defines their business. Facebook's Meta description is "Facebook is a social utility that connects people with friends and others who work, study and live around them. People use Facebook to keep up with friends, upload an unlimited number of photos, post links and videos and learn more about the people they meet." I suppose they only need to add "to mutual benefit" and it redefines their business. The power is with the people with the database.

[bigbillkruse]

Will this mean true competition for fractional reserve banking and all the social ills it brings? Probably not, but it's an interesting idea anyway. Fractional reserve banking? Try Googling... but don't bother with the Wiki, it's incomprehensible.

BB

[ivoluijendijk]

Fantastic blog! Social Media are indeed a underestimated force in the (online) payments field. Their potential coupled to the innovation of the professionalised gaming industry ánd the know-how of banking professionals could revolutionise world finance. Thanks for this great story!

[thomaspowerecademy]

Thank you so much.