Social banking

There are few things I enjoy more than heady conversations about disintermediation. And the disintermediation of the banking industry has a special appeal.

So last night’s gig at NESTA a launch event for an initiative called Webank was very stimulating. (Twitter stream here.) It was good to see the folks from Zopa doing their best not to laugh out loud at the turn of events in the banking industry that makes their peer-to-peer model look even more attractive. James Gardner did a terrific job of representing conventional banks with good humour and honesty.

One of the founders of upcoming KuberaMoney told us how they plan to create an online platform for Rotating Savings and Credit Associations (ROSCAs) – a form of peer-to-peer finance that I’d not heard of before.

Todd from Midpoint and Transfer outlined his idea for cutting out the spread on Foreign Exchange, which seemed to trigger an outbreak of Dragon’s Den style interrogation by some audience members.

It was also good to hear from some of the Zopa customers in the room who made the excellent point that they like Zopa because it’s interesting and – heavens – fun, and not just to make money. A point Mark covers in his blog of the event. (I was not asleep, despite his photographic suggestion to the contrary)

UPDATE: Rohan’s post links to lots of event bloggage.

3 thoughts on “Social banking

  1. BrianSJ

    And did your government friends discuss the lunacy of what they are doing to Credit Unions at exactly the wrong time?

  2. Johnnie Moore

    Hi BrianSJ… I’m sorry to say I’m not aware that I have any friends in Government… but I hope they’re not going to do too much to interfere with any decent peer-to-peer solution to the failure of big institutions!

  3. Fraser Mitchell

    Peer to peet lender through sites like Zopa are looking even more attractive for those with cash to invest, with interest rates so low and looking to stay that way for the immediate future.


Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.