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Center for Future Banking

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Center for Future Banking

Most companies already recognize the value of social computing to create stronger customer relationships and strengthen their brands. Going further, some companies are using intimate social networks to influence customer behavior. The Center for Future Banking, a collaboration between Bank of America (BAC) and the MIT Media Lab, is studying how mobile banking and social networking technologies could encourage customers to make better financial decisions. The idea is that you might not buy that $600 smartphone or $300 pair of jeans if a record of your purchases were sent to a chosen group of friends.