Brett King's Innovation @ Movenbank: The Popularity Contest

Brett King, Banking futurist, has recently launched his own bank, Movenbank, with many innovations that would disrupt the banking industry…  

Getting a good mortgage may become a social media popularity contest.

Websites like Klout, PeerIndex and PeopleBrowsr put out a measure of an individual’s social networking influence. Users are assigned scores based on key factors that affect spread, such as how many followers they have or how often their messages are reposted.

Movenbank, a New York-based banking startup, plans to factor these influence scores into its lending decisions, according to SmartMoney. The better the score, the better the rates and fees will be.

Clients with high scores are probably a better lending risk because thousands of followers trust their judgment, Movenbank founder Brett King told SmartMoney. Borrowers with a strong following are more likely to tell their followers if they are happy with a service, making them a more valuable customer.

Mortgages aren’t the only things affected by the social scores from the ranking websites. Employers, especially those hiring for advertising and marketing jobs, are using the influence scores in hiring decisions, John Sullivan, an HR consultant and management professor at San Francisco State University, told SmartMoney.

~ Deseret News

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