It goes without saying that the economic crash has massively impacted our perception of financial systems and institutions. In the upcoming issue of the Protein Journal we explore how alternative payment methods such as Timebanking are fostering a more a community-centred approach to commerce in order to balance out the cold, cash-driven ethos of traditional banks.

Also taking cues from this shift towards a ‘we’ mentality is financial start-up Vouch.  The idea is fairly straightforward: users can get competitive loan rates by finding friends and family to ‘vouch’ for their financial responsibility. The whole thing works by way of an app, which allows users to create a network of sponsors who can vouch for them and pledge small amounts of money towards their loan.  The more people who vouch for them, the lower the interest rate.  

Other factors also have an impact on your rate, such as how quickly an applicant's guarantor respond to a vouch request and what answers they give in a short survey they’re required to complete.

Using social influence as a form of purchasing power has already been seen in the commercial world with apps such as Covet Me. The app encourages users to post single products, tag items they are wearing or create whole outfit posts for their followers to browse. These posts can then be shared directly to other social media sites. The more users that click on your link, the more points you get, which can be exchanged for vouchers to spend on sites such as ASOS, Net-a-Porter and Topshop.