Well I am in love with this metaphor:
Community is the Bank
I have been talking with a bunch of friends for 2 weeks on that in regards to Facebook opening its platform and its really nice to see loads of stuff coming on the web. Just came across this report titled Social Personal Finance from OFI – Online Financial Innovations (onlinebankingreport.com)
I want to read it! If anyone can help me get the report – that would be cool!
Facebook and Orkut have the potential to be the next biggest BANKS … now will that not be cool?
A bit from the abstract
The rise of social networking could have a profound effect on banking and personal finance. As companies combine massive databases of financial transactions with the “collective intelligence” of a networked customer base, interesting things can happen. What might those networks look like?
This report looks at how social finance networks may evolve and how they compare to typical financial institutions today. We also have recommendations on the more pressing need: how to incorporate social finance features into your own Web-based delivery. Finally, we analyze the key startups in the space: Wesabe, Buxfer, and several others.
And finally look at companies they have mentioned in the report – I can already kind of guess what the report says but anyway would be a nice read:
Companies mentioned: Bank of America, Buxfer, Circle Lending (Virgin USA), Compete Inc., Co-operative Bank (UK), Digital Insight (Intuit), Facebook, First American Credit Union, Geezeo, Lending Club, Linked:In, Loanio, Mint, MySpace, National Australia Bank, Piedmont Credit Union, Prosper, Schwab, Twitter, Verity Credit Union, Wells Fargo Bank, Wesabe, Yodlee, Zecco
A glimpse about the report can be found here at the author’s blog post – MySpace Meets Quicken and the most important point in the post is this I feel:
In the future, social networks may become so trusted that they can function as a virtual credit union, bringing together members to provide each other with financial services (e.g., P2P lending) or using their clout to negotiate deep discounts with financial providers (e.g., affinity credit cards).