Open Source Banking, Social networks

How often does a bank ask you for your input? | RBC p2p

Royal Bank of Canada (RBC) are quietly intrducing a new site that I would place firmly in the social space.  It is just getting going, and could be on a level of significance with Wells Fargo’s Studentloandown. 

RBC p2p – Not your parents’ banking site

How often does a bank ask you for your input? We’re asking, so get ready. RBC p2p is a Royal Bank of Canada site for students by students. The idea is that you’ll learn about things like budgeting or saving or investments, from people who are going through the same things you are.

I like the tone, and the style.  Its very non-traditional bank, and that is refreshing.  I imagine the internal corporate communication folks are having a bit of a challenge, and that for me would be the litmus test for potential success, so good for them.

For now, they are seeking submissions from bloggers/ vloggers which will be narrowed down, to 6 by students voting for them. 

This will be a real test for RBC and if they can pull it off, with the right balance of openness and relevance for the intended audience, then this could be a winner.  Its a good sign that the site can be posted to FaceBook/ Del.icio.us etc.

Relevance to Bankwatch
This is significant, because it means RBC is outsourcing advice to students for students, at least in their stated intent.  That is the litmus test, that qualifies this is a social app, and into the realm of open source banking.

RBC p2p will feature video and text blogs written and produced by six
university or college students, the RBC p2p bloggers, so this will be
truly your voice, and reflect what’s really on your mind. Not what some
middle-aged bankers think could be on your mind.

(optional – my opinions and suggestions follow)

My suggestion to RBC is be prepared to bend with the wind, and do not expect this thing to turn out exactly as intended, but thats ok if it remains relevant, fun, and informative for students.  While budgetting is interesting (hmmm) its not the only thing on students minds by a long shot, so my suggestion would be to take a broad view of the relevance to students.  Also, why not build an app within Facebook F8 to follow the topics using RSS – not as hard as it sounds, no matter what the IT people tell you. Remember its important to be where they are, rather than have them come to you all the time.

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