Facebook Banking Services – Online Banking At It’s Best

Facebook Banking ServicesAre you ready to bank with Facebook Banking Services?

Facebook is going to offer you an online social banking experience which is – Safe, Social and Fun.

As such, a number of World’s leading banks are already offering Facebook Application to their customers to perform the basic online banking like – Account check, Mini statement, Apply for debit card, Request of checkbook etc.

One such bank is ICICI Bank, India’s leading private sector bank.

Recently, Facebook has started a PayPal like service, where users can keep their real money and use it for buying virtual goods. With local currency support (Dollar, Pound etc.), this is just like a Social Bank Account.

It seems like, very shortly, Facebook Social Banking will be the first choice of youth for buying goods and services in real life world. A real threat to PayPal.

Facebook’s Joint Venture With Australia’s Commonwealth Bank:

Facebook has developed an App for Australia’s Commonwealth Bank in the month of March 2012. The first version of the App is in a beta testing phase, and expected to be released by the end of 2012.

Using this Facebook Banking Service users can make payments to their Facebook friends as well as 3rd party using their social credentials. Commonwealth Bank will secure the transactions just like its mobile banking site.

Pros ( +Ve ) of Facebook Banking Service

1. Huge customer base – Almost 900 million+ users

2. Tremendous youth support – 18 to 45 yrs people are the main users, who are considered as most productive.

3. People spend plenty of time on Facebook – An average user spends usually 55 min/day on Facebook.

4. Mobile Banking – You can access your account on the go with cell phones, tablets or laptops etc.

Cons ( -Ve ) of Facebook Banking Service

1. Security issues – Facebook has been struggling with privacy issues since long time

2. Small transactions – People will not prefer to transact big amount due to lack of trust

3. Social media – People will not take it seriously being a social networking site

Final words: We are at the peak of social media era. Comparing all the Pros and Cons, Facebook Banking Services will be a definite HIT in the coming days.

Are you guys going to have some fun transactions on your Facebook account? I’m gonna sure!

Comments

  1. says

    Seems like Facebook is trying their best to please investors. They don’t have a solid business model yet (something like Google’s) even with 900 mn+ users.

    • says

      Hi Mahesh,

      Very well said – Facebook share is sliding with every passing day and the business model also quite weak compared to Google (ADs). Lets wait and watch…

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