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Digital Bank by Chris Skinner

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DIGITAL BANKS ARE SOCIAL BANKS

First of all, let’s define our terms:

•   Social media is like mainstream media but user-generated. It’s blogging instead of newspapers, YouTube instead of TV and podcasting instead of radio. It’s media, but social media.

•   Social networking is like real-world networking but online. It’s where people date, talk, meet, relate and even work together, on occasion. It’s networking, but socially and remotely.

•   Social banking provides bank services but, in a similar fashion, through social methods. It is the process of personalising banking and enabling people and businesses to see the people and businesses they are saving and investing with. It’s Zopa and Prosper, SmartyPig and Mint, and many more.

•   Social money ...

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