Facebook- Your New Bank
Facebook and Australia Commonwealth Bank (ACB) are joining forces to create a new service offering which hopes to engage the bank’s customers as well as driving more traffic to the social networking site. Facebook users who are also bank customers will be able to make payments to third parties as well as their Facebook friends, as well as balance their checkbooks. The transactions will be secured through the bank’s authentication system, similar to the one which they use for online and mobile payments.
The support of private activity for the very public site is a new of monetization for the social networking site, which has seen a dive in advertising revenue following the takeoff of its mostly advertising-free mobile app. The idea of the new platform as a virtual outpost for the company will likely increase the interest of companies in other industries that also see privacy as a necessity.
The service offering with ACB is set to launch this year. Concerns such as spam messages that look like a friend in trouble exist, however the bank sees these as a risk now present across many channels. When asked if other financial institutions would be opening virtual branches on Facebook, the company stated that they “are supportive of brands and agencies, across industries, using the platform to better serve their customers.” No doubt there will be many FIs keenly watching the capabilities of Facebook and their new private platform.
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