Tuesday, December 8, 2009

Banking: Social media x banking.

This is an awesome awesome social business model. Caja Navarra (CAN) in Spain, is possibly the world's first bank to allow customers to choose how their savings are invested and what the bank does with its profit. This is essentially putting the customer truly above everything else because its socialist theory shares transparency that up until now, can only sound Utopian - "Only Caja Navarra tells you how much it makes from your money. And only here can you decide what social project 30% of that profit should go towards."

Sceptics find it hard to believe that such ideal fluff of 'civic banking' can really work in this selfish and capitalistic society. But looks like we do have some figures to back up our ideals - CAN started business in 2005 and made a net profit of USD190m last year.

For a moment, take some time to think about the company you're currently banking with.

When you think about all those money politics and possibly unrecorded transactions and fine prints that you don't even know you've paying for and pyramidal profit systems that allow company directors to fly their own private planes, what would you choose if you had a choice?

Honestly, I'd rather have Joe next to me to earn a bit more than giving it to an expensive suit who gets chauffeur driven everywhere because he's already so well taken care of.

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