Either this guy is very smart or he was abnormally high when he said Facebook would be the biggest bank by the middle of decade, and that would be around 2015? The founder of Metal International, Ken Rutkowski, predicts that Facebook may try to become a bank, because it already has too many members, enough to shame any country’s population, except for China and India. He thinks Facebook is already partly doing so in providing a medium where people can exchange Facebook virtual credits to play games and so on. He also warns that if you don’t create a Facebook profile now, soon or later someone will try to create a Facebook profile for you that probably will also represent as your financial profile.
Here are my perspectives on this! I’m not sure you know, but I think at least 30% of members are spammers on Facebook, 25% of members are there just to hope they can establish fake relationships to benefit them somehow, 15% of members frequently exchange photos and short conversations, and the last 30% of members are staying as Facebook members just for one reason — everyone is doing it (these folks rarely visit Facebook). Obviously, I don’t have true insight into Facebook’s member statistic, but I’m just like the guy above who makes an educated guess about certain things that might be true of Facebook. Often, such educated guesses probably miss the bullseye by an ocean, and you don’t even have to be surprised and ask oh why oh why!
I doubt Facebook can become a bank, unless Facebook wants to be a bank. When Facebook becomes a bank, Facebook will probably forgo its social network reputation. Simple, a bank is a formidable place where physical vaults should be made of unbreakable steels where thieves have to be ingenious to dare to steal some money, and online a bank needs to have even more super hard to crack security measures to protect their customers — don’t want to see a run on bank now! A social network can never become a bank, because it’s already too risky for anyone to exchange money with strangers, yet they still have to contend with fake profiles. I’ve not even touched on the topic of hackers pretend to be real Facebook members so they can social engineer other members to give them access to profiles and so on. Facebook has to be damn sure that nobody can access someone else profile at all cost, otherwise a Facebook’s dream of becoming a bank equates to just that.
Yes, Facebook can become a bank, but that will no longer be the same Facebook. I predict Facebook’s members will leave in huge numbers when Facebook becomes a bank, and only the spammers and fake members will forever stay with Facebook in such time. Remember, people join Facebook in the first place is to open up their privacy and let loose their wild sides — let your hair down. Others join Facebook to make new friends in a genuine way or otherwise. I don’t think people join Facebook to do banking! I say, 2015, I don’t know Facebook becomes what, but I doubt it can compete against Bank of America and Wells Fargo or any small local bank! If I’m wrong, Bank of America and Wells Fargo and other local banks better create their own social network websites and compete with Facebook now, or else that Ken Rutkowski guy will say I told you so! Gosh, I so wish that April soon to be bygone and bygone.