Importance of Innovation in Finance & BarCampBank

by Jesse Robbins | @jesserobbins | comments: 2

“Progress is not the mere correction of evils. Progress is the constant replacing of the best there is with something still better.” -Edward Filene

Two years ago, when we were organizing the first BarCampBank in the US, many people found it hard to believe that banks & credit unions could a place for meaningful grassroots innovation. Even crazier was the idea of organizing an unconference to begin bringing open source, transparency, identity, and community into the very closed world of banking & finance.

Since then the BarCampBank idea has turned into a movement. There have been over 14 events all over the world, and many of the ideas generated are beginning to turn into action.

To me, the global financial system is a platform that exists to “create more value than it captures”. Tim explained this in his Work on Stuff that Matters post, saying:

“A bank that loans money to a small business sees that business grow, perhaps borrow more money, hire employees who make deposits and take out loans, and so on. The power of this cycle to lift people out of poverty has been demonstrated by microfinance institutions like the Grameen Bank. Grameen is clearly focused on creating more value than they capture; not so the like of Fannie Mae and Freddy Mac, or WaMu, or many of the other failed financial institutions involved in the current financial meltdown.”

There has never been a more important time to bring meaningful innovation into the financial system, and there has never been more opportunity for our community to make it happen.

The next event is occurring this weekend (April 25-26, 2009) on Treasure Island in San Francisco.

After that, the following events are planned:

• BarCampBankVegas is set for May 2, 2009.
• BarCampBankCharleston2 is set for June 13, 2009
• BarCampBankGermany is set for October 23-25, 2009

BarCampBank is spreading

by Jesse Robbins | @jesserobbins | comments: 1

When Ben Black and I organized the first BarCampBank in North America last year, we hoped that it would spread. According to William Azaroff's post on NetBanker, the movement is there and growing:

What's all this about BarCampBanks? From a North American premiere in Seattle almost a year ago, we've witnessed two more in the last few months, and eight more are either scheduled, or in the planning process.

Well, maybe not exactly “planned.” BarCampBanks emerge more than they are planned.

[...]It started as a technology summit, an un-conference where developers and technology geeks could share exploits, connect, and find like-minded companions to extol the virtue of open-source and emerging technologies over pizza and wine.

And then someone decided that this forum would be a perfect place to talk about banking and finance. Weird. And yet it works.

The next event will be BarCampBankDallas on June 21-22nd at the American Bank of Texas Building in Frisco, Texas. William has details on the other events this year on his blog, and a current list can always be found on the main BarCampBank wiki.