Banking in Facebook
It's time to set up shop in the social network
Feb. 28, 2012; OBR 201/202
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Companies mentioned: ABSA (South Africa), Akbank (Turkey), Ally Bank, American Express, Arizona FCU, Arvest Bank, ASB (New Zealand), Bank of America, Barclays (UK), Bobber Interactive, Capital One, Cake Group, Chase Bank, Citibank, Citizens Bank, Commonwealth Bank (Australia), Coors, Currency Marketing, Desert Schools FCU, Facebook (duh), E*Trade, eToro, Fidelity Bank, First Tennessee Bank, First United Bank & Trust, Fiserv Galaxy, Golden 1 Credit Union, ICICI Bank (India), Independent Bank, ING Direct USA, Kickstarter, Kiwi Bank (Australia), Lending Club, Liqpay (Privat Bank, Ukraine), Mountain America FCU, Movenbank, National Bank of Arizona, North Shore Bank, Payvment, Progressive, Queensland Teachers’ Credit Union (Australia), Starbucks Card, Transamerica, Truliant FCU, U.S. Bank
In this report we look at the banking opportunities in Facebook. While the social network is more about friendship that commerce, Facebook, especially post-IPO, will increasingly be looking to marry those two activities.
And banks will want to jump on board, either now or in the very near future.
- In the United States, and many other countries, virtually 100% of your online/mobile banking customers visit it frequently. And it costs exactly zero to get started.
- Communicating/marketing with your Facebook “fans/likes” (and their friends) can be more cost effective than traditional methods.
- Facebook’s social plugins offer interesting ways to integrate your online/mobile services with the social network.