The Community is the Bank

I loved this post and idea. The Community is the Bank. See also MySpace meets Quicken although I too haven’t see the actual report.

Community is the Bank « Vinu’s Online Cloud

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?

I’ve long thought this and written in the past on it. We are getting closer. The Facebook platform / API may have the potential to enable new forms of syndication. I’d call and look at micro-syndication. Perhaps the community will also become better investors. The”Wisdom of Crowds”.