Social Networking meets Banking...

http://www.BankToTheFuture.com So after all this talk about Facebook and Google becoming banks, I got inspired to call a meeting with Thomas Power himself and a team of experts...

Having signed the contract with my publisher to write my latest book on the future of banking and the launch of my alternative non-bank 'BankToTheFuture.com' around the corner, I have been on a bit of meeting frenzy.

As banks have such a track record of non-transparency, I thought I would do the opposite and pull out the video camera during my meetings.

We live in the digital, social transparent age after all right?

Quite a challenge for banks when I tell them that.

But anyway...

So Thomas Power thinks that Facebook will have a go at creating a worldwide monopoly in financial services.

As crazy as that sounded when he first said it in that famous Bank Of Facebook video, with the launch of Facebook Credits and their interest in Lending Club and Prosper, it does not seem to 'out there' anymore.

Then we have Google who has already made the first move with the launch of Google Checkout and Google Wallet.

Could the latest attempt at a social network, Google Plus, be a fully transparent way of dealing with their banking customers in the future?

Amazon Payments has made a move, and with that many credit card details stored on their system, what would a move to banking look like for them?

What do you think?

http://www.BankToTheFuture.com

Category:

Howto & Style

Tags:

• Bank To The Future
• Bank of Facebook
• Simon Dixon
• facebook
• thomas power
• social marketing
• ecademy
• prosper
• lending club
• zopa
• ratesetter
• funding circle

[freshaca3]

How about you take away the fucking music so that we can hear what the people say in the video?

[bankingreform]

@freshaca3 You are charming.

Thanks for the suggestion.

Simon Dixon

[whydidigetdeleted]

How can we wake up the masses to force politicians to give us true banking reform? Would you say that direct action is appropriate for this goal?

[bankingreform]

@whydidigetdeleted We all need to contribute in the way we can. My mission is to create the alternative system and keep educating.

Business is a great tool for change. Just finishing the book on banking reform too.

We all have something to contribute.

Thanks for your action?

Simon Dixon

[unotelly]

Few questions:

1. Without interest, what is the incentive to lend money?

2. Without interest, how do I account for the risk involved in default (risk premium)?

[bankingreform]

@unotelly I dont agree with the removal of interest as I think it is essential for the reasons you gave.

But to answer your questions those that believe in alternatives to interest normally work of equity models with shared upside on investments.

Any reason why you ask about interest, were you under the impression that social lending will be done without interest.

Just curious.

Thanks for the comments.

Simon Dixon

[Musicalabionda]

What if..? :)

[freshaca3]

@bankingreform Of what I have seen this is almost no different from the normal lendingsystem. This system also has interest rate which is the reason for the world going bankrupt. Wth would I want to participate in this bankshit that attributes NOTHING to the world?

[BankToTheFuture]

@Yelzoe4 We need a combination of banking reform, entrepreneurs innovating the alternatives and mass education.

As as you said, it is happening, and all all areas. The politics one is the challenging one, but the more debt defaults we see the more incentive to change.

It is a question of time.

Thanks for your comments.

Simon

[Yelzoe4]

Real change is happening with this innovative research.

[whydidigetdeleted]

that I am aware that I am involved in an industry that is involved in price fixing (for this, look at the gross profits of pick 3 match 3 on the irish lotto vs the "49s.", the math is quite simple, inbox me if you want an explanation) The Competition Commision will get wind of the allegations in full writing when I leave the company (all the majors are in a cartel here, all it takes is to do some math and conclude.) I cannot name names as it would be a breach of contract.

[whydidigetdeleted]

@bankingreform

proper alternative to the insane system we are in. After all, I know you can do better than me, even though I have helped my work be 20% up on last year through providing a superior service to my clients (and since I didnt get a raise I am leaving... Its called capitalism...)

A hint from the (officially defined via the Gambling Act 2005) gambling economy, The most lucrative robberies come when the consumer robs themself.

I feel ashamed as someone who studied Physics (ctd)

[whydidigetdeleted]

@bankingreform

My question is, as you are clearly far more aware about how to make a good pitch as I, How do we make it such that the percentage of people aware about the private licence to print money is far greater than the percentage of money is created by gov't? Bank to the future seems a great idea. I'm in. What i would think would be an example of competition beating service would be to take on the other similar sites ie zopa, lendloaninvest and show the world you have a (ctd)