How could Facebook become a mega bank? Find out more.
When you are approaching having a billion involved and engaged people in your organization, you have power.
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The Purchasing Power Of A Billion People
It is a very convincing thesis that once Facebook reaches 1 billion people it has almost unlimited possibilities. It can get group purchasing deals on any thing. These discounts, could form a new transformation of the Facebook Marketplace. Compare this kind of membership to the dominant players in group purchasing. Costco was the only company in which we were able to get any statistics. Costco has 58 million members. We can imagine similar numbers from Sam's Club and BJ's. This is nothing compared to the purchasing power that Facebook could provide. Thomas Power introduces a video from ecademy.com explains very well the bank thesis case for Facebook. If you cannot see the embedded video, here is the link: http://youtu.be/XT6b_jXsN6M.
If Facebook decided to adopt per to peer lending it would instantly dominate the now small but growing market now controlled by prosper.com. Prosper has not become mainstream yet, this idea waits for a giant like Google or Facebook to take it on. It would of course, be hated by traditional banks. If enough people embraced Power is right - it could restructure the banking industry worldwide. Here is a video explaining peer to peer lending from two years ago on CBS News. If you cannot see the embedded video here is the link: http://youtu.be/eK458-rjwJ8.
Here is a more detailed explanation of how to involve yourself in this new approach to lending and borrowing money. If you cannot see the embedded video here is the link: http://youtu.be/VFmEMPuaN90.
What is even more interesting about this idea of Facebook as a bank is what Ken Rutkowski has recently said. He has predicted that by 2015 Facebook may be the biggest bank. This would be accomplished by Facebook expanding their Facebook credits now used to purchase items for their online games. More and more it seems your Facebook profile is being used as way to identify you. the next logical step according to Rutkowski, is for it to be used to determine your credit worthiness. In fact, he goes on to say that if you do not have a profile already on Facebook, one will be created for you automatically in regards to your financial information. Where he gets this information from is not clear. We quote him further:
By the way, if you don’t have a profile they will make one for you so it’s better for you to create it and manage it than them. That’s why you want to be selective with what you put on there. If you have kids that are being idiots online make sure you stop them right away as they are creating a pretty negative profile long term and it happens often.Facebook may begin providing services which rivaling PayPal. Facebook may proceed further than PayPal ever did. PayPal is not an online currency but a major transaction method. As a very interesting article by Ben Parr pointed out in a 2009 article in Mashable, Facebook Connect could become the way for members to purchase items. He states,
Imagine a person being able to go to the Red Bull website (which uses Facebook Connect), connecting to Red Bull, and then buying a case of Red Bull with a single click that deducts the virtual currency from his or her Facebook account. Donations to any charity could be made with a single connection (even ones under a dollar) and purchases of new features and products could be done via the connect system. The most popular way to pay for things online, PayPal, would have a run for its money simply because it would be easier and cheaper to do transactions via Facebook.It is interesting to notice that Peter Thiel, the founder of PayPal, is on the board of directors of Facebook. Whether these speculations about Facebook materialize or not, Facebook as we have said earlier, is in a position of POWER. We will see how it uses it.