Perhaps in an Amazon or eBay model, where strong communities emerge around topics of shared interest, I can also imagine that “members” will be willing to take on the bank role. Think of a community of, say, people that are passionate about model planes. There might be hundreds or thousands of model plane clubs around the world – all sharing the same passion. If one of the recognized members needs some extra cash to purchase, or build from scratch, a specific model of which all members (worldwide) agree that to be a “cool” thing to have in their hobby, members might want to provide the loan.

There are millions of such interest communities worldwide (and more and more web enabled). Strong communities are self regulating and the shame factor of not repaying, including some other more official forms of reinforcements if the loan instalments indeed remain unpaid, should make such loans interestingly a “feel good” product – that could make it highly competitive to the clinical approach banks offer when it comes to accepting loan applications.

If an Amazon or an eBay could facilitate members of their communities to move around with and focus their money directly to what they want to invest in, with lenders not necessarily providing loans to be making money, the floor under the pillars of banking will be trembling. In Web 2.0 it should not be underestimated that members are willing to do something without economic benefit: with Wikipedia as good example of the power of volunteers.

As part of the answer to the question if banks understand the current web lifestyle, banks must realize that in Web 2.0 members are aspiring higher levels of Maslow’s need pyramid. From the height of the pyramid’s peak of so-called self-actualization and esteem, engaging in activities to make money might be regarded as rather vulgar. Now, banks, price this in your services …