Social Networking meets Banking…
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
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- MrDeaconify said:
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12:00 pm on July 31st, 2011
Bitcoin
12:00 pm on July 31st, 2011
It’s a great idea, but the banking elite will not allow this to happen. They will force the government to make laws against it for whatever reason they can make up. I think this needs to stay underground as the Jews have done for generations, do not involve the corrupted government that are only puppets of the banking oligarchs.
12:00 pm on July 31st, 2011
The third BIG shift will be the introduction of an implantable RFID chip. EVERYONE WILL HAVE TO HAVE ONE TO SURVIVE IN THE SYSTEM!
Within which all the existing digital technology will be consolidated and incorporated. ‘Everything else’ is only small transitions towards this major event taking place. The move towards social networking. The introduction of virtual transactions. The introduction of swipe chip n pin. Self service tills. Phone payment scanners. GPS. barcode stock control ALL OF IT.
12:00 pm on July 31st, 2011
@shanepaulcoward you are correct. What they are proposing in so many words a bridge/transition to getting chipped.
12:00 pm on July 31st, 2011
Peer to peer lending is nothing new varies religious sects have done so for centuries. What is new is the possibility to raise capital from outside your immediate network. Whether this will ever replace traditional banking is questionable. Through regulation corporates and government will seek to control such an activity doing so will ensure such an enterprise remains small. Technology controls it limits choice technology makes it easier for institutions to govern.
12:00 pm on July 31st, 2011
This is already happening. The banks are way behind….
12:00 pm on July 31st, 2011
@downtheshiter Bitcoin is already owned in large amounts by private hands this won’t work. Even bitcoins FAQ admits deflation could be a problem in its very own system. Unregulated money leads to monetary choas. Take the money creation power away from the private bankers and the government will better represent the will of the people. I like this idea of peer to peer borrowing it would increase competitiveness in private lending rates, but we must first get a debt free issued currency
12:00 pm on July 31st, 2011
Innovation, entrepreneurship, fair competition in a real free market will allow us to enjoy goods and services that keep getting better and cheaper. Big government and monopolistic or limited competition will ensure stagnation of all the great benefits of a real free market with associated penalties of higher costs, poorer quality and in time reduction of choices and even personal freedom itself.
12:00 pm on July 31st, 2011
There are new models popping up and they are more efficient imo than traditional banking… Micro financing, p2p lending, crowd funding, etc.. Who would have thought someone from China could lend money to someone in US to fund an idea which could potentially change the world? Because capital can cross the world so easily this will create major shifts in currency dynamics.
Looking beyond, trends point toward micro-corporations, started on the web, crowd funded, everyone might own several.
12:00 pm on July 31st, 2011
@ddnguyen278 We live in amazing times today, hey?
Thanks for the comment.
Simon Dixon
12:00 pm on July 31st, 2011
@DAS1105 The problem is that money is far to important to be created privately by banks as 97% of it is today. It is necessary for a body independent of banks and the government to create our nations money supply, then we can really test the free market, but the privatised money that we see today is a disaster.
Thanks for sharing.
Simon Dixon
12:00 pm on July 31st, 2011
@MartinYau8 Could not have said it better myself Martin.
Thanks for the comment.
Simon
12:00 pm on July 31st, 2011
Peer to peer lending will become a huge threat to the traditional retail banking system. The retail banks must evolve quickly, be open, random and supportive or face going out of business once the full reserve banking system is implemented. Will the politicians go against peer to peer lending at the request of the traditional banks? Most likely not if they want to remain on side with the electorate.