Today we increasingly live in a social world … all across the tech landscape companies have been created that capitalize on the social aspects of business. We have social media … social networks … social marketing and social finance … but we do not yet have social money or social banks … or connectors between all the new forms of money and money substitutes that are now circulating … What if we were to extend the power to create money to new kinds of banks … banks we might call social banks?
What is a social bank? A social bank is a new or existing institution with a store of legitimacy that has been certified by the Credit Commons and is empowered to issue into circulation and redeem their own branded form of currency. Social banks would be connected with plug and play software to a cloud based platform that empowers them to act like banks and establish digital wallets for their customers, clients, consumers of community. Social banks would choose the name they want for their currency … Cardinal Cash … Best Buy Bucks … whatever they want …
What kinds of entity could become a social bank?
• Local & National Retailers
• Internet Companies
• Schools and Universities
• Travel & Hospitality Industry
• State & Local Government
• Micro Finance & Peer to Peer Lenders
• Sports and Concert Venues/Tickets
• Credit Card Companies
• Doctors and Insurance Companies
• Banks and Investment Banks
• Foundations and Nonprofits
• Social Networks & Games