Social networking Web sites will affect banks more than you think. Social banking, an emerging banking distribution model, has the potential to displace banks from the center of customers' financial services relationships. The growth of social networking and the emergence of social-banking models will drive fundamental change in the ways that consumers manage their financial lives.

There are two equally important aspects to social banking. First would be personal financial management sites, such as Geezeo, Mint and Wesabe, which allow consumers to aggregate their personal financial or investment account data, analyze it for spending and budgeting trends, discuss budgeting and financial management concerns with other consumers and financial institutions, and create and read peer and independent professionals' reviews on financial products or services.

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