Social networking threatens big banks - papers 24 Nov

Research by the Social Futures Observatory think tank found 74% of Britons would consider borrowing or lending through an online "social lending" community, rather than use their high street bank. More than six out of 10 said the main aim of their bank was "to make money for themselves", while only 15% thought its main aim was to provide a good financial service to customers, says the paper. Online social lending, where people who want to lend are put directly in touch with those who want to borrow, is emerging as a new financial category "of genuine importance," say the report's author...