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Online Banking Report publishes “Social Personal Finance: Will social networking revolutionize personal finance?"
[07.10.2007]

SEATTLE, WA (July 10, 2007): According to an in-depth new report from Online Banking Report, the rapidly-growing social networking trend will have a profound effect on the future of banking and personal finance. Banks, credit unions, card issuers and financial-services companies will soon be setting up shop in social networks such as LinkedIn and MySpace in an effort to reach customers in a new way. Lending Club’s launch on Facebook in May is just the first example of this exciting trend.

The new report, “Social Personal Finance: Will social networking revolutionize personal finance?,” explains that as companies combine massive databases of financial transactions with the “collective intelligence” of a networked customer base, powerful industry shifts are imminent. One such shift is the potential rise of “transactional personal finance networks” that harness the financial purchasing power of groups of consumers in exciting ways. Online Banking Report predicts that one-third of U.S. households will use online personal finance within five years, and 40% of that activity will be in the “social” category.

This report also examines how social finance networks may evolve and how they compare to today’s financial institutions. It also has recommendations on a more pressing need: how financial institutions can incorporate “social finance” into their Web-based delivery today. Finally, the report analyzes the key startups in the space: Wesabe, Buxfer, and several others.

This exclusive research is available only from Online Banking Report and is a must-read for bank and payment executives involved in their company’s online, customer service and marketing efforts. It can be downloaded immediately after purchase at www.onlinebankingreport.com.

Companies mentioned:
Bank of America, Buxfer, Circle Lending (Virgin USA), Compete Inc., Co-operative Bank (UK), Digital Insight (Intuit), Facebook, First American Credit Union, Geezeo, Lending Club, LinkedIn, Loanio, Mint, MySpace, National Australia Bank, Piedmont Credit Union, Prosper, Schwab, Twitter, Verity Credit Union, Wells Fargo Bank, Wesabe, Yodlee, Zecco

About Online Banking Report
Founded in 1995 by former banker Jim Bruene, Online Banking Report provides in-depth analysis, relevant data, and informed recommendations to financial services executives in 50 countries. Online Banking Report is published by Online Financial Innovations, a Seattle-based research company. For more information and free sample reports, visit www.onlinefinancialinnovations.com, email info@netbanker.com or call (206) 517-5021. You may also find OFI’s blog on the latest in online finance & banking at www.netbanker.com.

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