697. Insights: Will social media banks ever take off?

Our expert host, Nicole Perry, is joined by some great guests to discuss the potential of social media networks becoming banks. At the end of 2022, Elon Musk held a meeting with Twitter employees laying out plans to turn the social network into a bank - complete with a high-yield money market account, debit cards, checks, and loans. Musk is not the first social media mogul to see the power of combining banking and social networks – but, to date, that melding of likes and filters with APIs and KYC has proved difficult in many markets. So how have these two worlds collided so far, what is stopping social media banks from happening, and what could happen in the future? This week's guests include: Ross Gallagher, Manager, 11:FS Jason Mikula, Publisher, Fintech Business Weekly Nik Milanović, Editor, This Week in Fintech This episode is sponsored by Amplitude In today's volatile market, financial services companies that want to thrive must prioritize customer loyalty and engagement. Amplitude, the number one self-service digital analytics platform, helps teams identify key drivers of retention and opportunities for improvement. With Amplitude's insights, you can build your product to increase transactions, retain customers, and grow loyalty. To succeed in today's market, visit Amplitude.com. Fintech Insider by 11:FS is a podcast dedicated to all things fintech, banking, technology and financial services. It’s hosted by a rotation of 11:FS experts including David M. Brear, Ross Gallagher, Benjamin Ensor, and Kate Moody - as well as a range of brilliant guests. We cover the latest global news, bring you interviews from industry experts or take a deep dive into subject matters such as APIs, AI or digital banking. If you enjoyed this episode, don't forget to subscribe and please leave a review Send us your questions for the Fintech Insider Mailbag here Follow us on Twitter: @fintechinsiders where you can ask the hosts questions, or email [email protected]! Special Guests: Jason Mikula and Nik Milanović. Learn more about your ad choices. Visit megaphone.fm/adchoices