‘Banking is essential,Banks are not’

Bill Gates

The competition comes from outside the industry

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Money = Margin

Money is no longer the territory of banks. More and more non-financial companies will develop or sell financial services as an additional service to their basic product.

They do this because the financial services generate more revenue than the basic product.

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Post-offices sell financial products

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Retailers sell financial products

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Car manufacturers sell financial products

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Direct sellers sell financial products

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Virgin is everything and a bank

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Zopa introduced peer-to-peer lending

An online marketplace where people meet to lend and borrow has huge cost advantages which is why Zopa members get a fairer deal when it comes to their money.

In Zopa’s wake, copycats such as Prosper in the US, Smava in Germany and Boober in the Netherlands have sprung up across the world.

Social Lending is a financial category of genuine and increasing importance.

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Social networks are the dominant internet hotspots

Social networks combine entertainment, communications, news, hobbies, and gossip. They are almost like a mashup of every major medium: television, radio, magazines, and newspaper combined with communications both private one-to-one and public broadcast modes.

Banks must be where the people are

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Facebook starts peer-to-peer Lending Club

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Financial Institution Opportunities on Social networks

4 financial services already launched on Facebook: 1. Lending Club's person-to-person loan marketplace 2. Prosper's lending game 3. Wesabe's personal finance groups 4. Pay Me, a payment service developed by Australian Ad

Agency, Yellow Media using the PayPal engine

But so far there is no: Bank, Credit union, Credit card issuer, Mortgage lender, Brokerage (although there are several stock monitoring service including Forbes, Yahoo, and Social Picks), Rates tracking service, Credit report monitoring service (though Identity Guard is advertising heavily today),Identity theft protection service

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Own your own bank in SL

LindeX - the official Second Life Linden Dollar exchange.

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E-bay en Google offer payments anywhere

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Internet tears down entrance walls for new competitors