I dont need a bank do I?

I needed $2000.00 for fixing my home. I stepped into my bank for a line of credit. The chap (relationship manager) asked me to fill up half a dozen forms, took a declaration to check on my credit rating, added processing fee and finally told me I can get $1488.00. I said a No! I checked my savings account; a balance of $510 in 3 months depleted to $439.  All fee and charges."Are you happy with our service, Sir?" asked the relationship manager.  "Yes indeed.'I replied. 

Once home logged onto my favourite social website and discussed with a friend my recent experience. My friend called a couple of his friends and agreed to lend me the money for a small interest. I was thrilled. I got the money through a famed money transfer agency. No paper work, processing fee, credit check, embarasing wait and a disappointing reply. I paid back in next four months. We now have an inclusive closed group; mutually trust worthy and the confidence of reliability.

That is the power of social web sites. I see lot of smart chaps into business, trading books, exchanging information, seeking jobs to name a few activities.

Given this fast evolving scenario, the social media has made many an organisation redundant. A few months ago I see a bank selling products on trial basis to see consumer response. Not that it had many takers. This new virtual market place is the future of trade and transactions. No small print (1000 lines in a 6 size font on a A4 size paper divided into 2 sections with the last line (font size 11) reading, 'I agree to the above terms and conditions'. I will not have to pay the courtesy overdraft fee, or the fee for 6th transaction or maintain the minimum balance. The banks,  the analysts say after the recession are strategising on how to retain customer loyalty and confidence. Who needs them anyways. I rather go social than to a bank.