The Problem:
create more openness and more value in the banking system
The Social Invention:
Create a banking system where people on the internet help run the whole bank.
The finances are kept totally open. So everyone involved has access to who is depositing money and who is taking out money.
This open-source way of operating eliminates fees, and money going to operating costs. So everyone gets a lot more worth for their money. It also avoids some of the shadowier sides of private banking, where bankers get ludicrously rich from skimming off interest rates and the like.
There could be some democratic way of deciding who gets approved for loans. It would be a more grassroots process rather than the elite way current private banking works with.
