OK,
This one is far out, but I have met Thomas Power a couple of times and I have learned to listen to him.
He is a big mentor of mine in my Private Equity Business and I have invested on his advise before.
He has never let me down in the past.
So leave a comment below if you think you would like to meet the Bank Of Facebook Graduate Scheme Application Deadline.
Simon Dixon
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21 Comments
Nuru
on 3rd Jul, 2010 07:54
I am very much interested in this, this idea is not that far out because there are places like the Whuffie Bank that believe Facebook and Twitter do indeed have the potential to become future banks.
Amritraj
on 3rd Jul, 2010 08:21
Dear Simon,
You always post good videos and this one was fantastic as well, i want to work with such people!!
Priya
on 3rd Jul, 2010 10:33
I am very much interested.. it is extremely viable and interesting too..
Sonam
on 3rd Jul, 2010 11:08
Dear Simon,
This sounds very much interesting, I would like to work with such people
Ben
on 3rd Jul, 2010 11:10
saw this a few months ago, intriguing ideas on the frontiers of finance and technology. If there is some way to get involved with this project or similar projects would be very interested.
Sep Joadat
on 3rd Jul, 2010 12:10
Hi,
This makes a lot of sense.
With the potential of a Billion people networking on Facebook by 2012, Facebook can start providing people with real financial products. It can allow alot of group deals.
I never thought about it in this way.
The future will be amazing.
I would definitely like to work with such people.
Sep Joadat
Jmiffy
on 3rd Jul, 2010 01:05
That’s a really interesting idea, I would think this may present another opportunity for investment banks. Like prime brokerage business support hedge fund to deal their business, maybe ib can provide some research or back office services to facebook bank.
Thanks Simon to post this video.
Tom Liddell
on 3rd Jul, 2010 04:26
An interesting idea, but with a few pitfalls. To name one, privacy – will people really want a social network to handle their financial transactions, especially with the recurrent leaks of data and violations of personal information that are plastered over the news on a basis
It appears to me that the idea of a bank is valid, but not as a replacement for higher end services, and almost certainly could not replace investment banks. Their services are just to specialised. Secondly, there are some serious monopoly issues to be addressed if they were to “wipe out the banks as suggested”.
All being said though, this is certainly a fresh perspective on social networking, and a project that I would be interested in working on.
Tom Liddell
Elin
on 3rd Jul, 2010 04:40
Yes, this can be done. Even today we can set up a FB group with 5000 “friends” who combine their capital (i.e. each deposits £1000 on average). Then we can set up FB fan page and give micro-loans to “fans” who meet our conditions – for example good credit rating, home owner with verifiable address and why not the number and quality of their FB friends?!
Joachim
on 3rd Jul, 2010 05:04
Hi Simon,
very interesting indeed, certainly a platform with this amount of people on its book will be able to go invest on different directions including financial services. Count me in, would love to work with you guys.
Joachim
Natalya
on 3rd Jul, 2010 05:59
Possible opportunity with some moments still to be researched and analysed, and very interesting project. Would be great to be involved in.
Name Sonam Sherpa
on 4th Jul, 2010 03:11
its a very interesting project…i would be like to be part of it
Adam
on 4th Jul, 2010 05:43
This does seem interesting, but the security and financial risk issues would need a huge deal of work. It would seem reasonable to assume facebook could become another paypal style deposits and payments service, with an option to grant access to your funds for lending, and gaining interest on your deposit in return.
A consumer finance style business would seem attractive as facebook already has the marketing links and could offer the funding for direct purchases through a facebook market.
My one concern is how you would verify the authenticity of an account, maybe linking it to a service such as experian so that automated decisioning could be applied to individual accounts.
It seems viable on smaller scales but I think it would need a big shift in habits and trust for it to start rivalling bank lending.
Mohi Choudhury
on 4th Jul, 2010 11:06
Hi Simon, as always this video makes a lot of sense and its sounds very promising, am much interested without a doubt.
Name (required)
on 5th Jul, 2010 06:38
This would be a great idea. It should provide cheaper loans because of the competition.
However, a huge financial regulator would be needed. I suppose that you will have to ask who will give you your money bank, when someone who lives in America defaults and you live in the UK.
carla hayde
on 5th Jul, 2010 10:26
Been thinking this for a long time – people laughed when I brought it up in a seminar!
Abbas
on 7th Jul, 2010 03:40
Hi Simon,
It seems to be very interesting, I realy want to be involved in it
Thanks
Jennifer
on 7th Jul, 2010 06:04
How do you apply for this?!
Nick Schofield
on 26th Jul, 2010 11:57
Great video Simon.
This idea seems very logical. I believe Facebook can take advantage of the amount of users in so many different ways, Ebay being one company.
I would love to discuss more with you and Thomas about it
Nick
arti
on 26th Aug, 2010 06:36
sounds great would love to have details about it
Simon Dixon
on 27th Aug, 2010 01:06
Person to person banking will be a huge growth area.
I am making private equity investments as we speak.
Watch this space.
You should join one of the webinars too if you have not done already.
Register for free at.
http://www.benedix.co.uk/simon-dixon-webinar
We can discuss latest graduate opportunities.
Simon.