Social banking is now a new emerging concept in banking industry. We all know that these days we have millions of people surfing Facebook , linked in twitter and other social/professional networking website . Citigroup has come up with a concept of social banking where in customers will be able to surf through a networking website to check their balances and other operations. Recently Citigroup has approached Facebook whether Web surfers would be willing to use the social-networking service to do banking on their websites and this received 300000 likes.
While Citigroup gave no indication whether it’s considering social banking, the company could use banking tools on Facebook to let customers raise money for causes, said Jeremiah Owyang, an analyst at Altimeter Group LLC in San Mateo, California. The New York-based bank could also harness Facebook for e-commerce, or it could use anonymized data to help users learn what other people are doing with their money, Owyang said.
More to come in next post…. Keep watching this space.
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This is a very interesting and potentially game changing development in the banking industry. I’d like to keep abreast of new developments. Thank you very much!
Hello Ken
Yes i do agree with you. Global markets in current scenario need a revamp. This revamp would not only bring new business and revenue but also boost investors confidence amongst the financial institutions which was lost in the crisis. I am looking forward to hear from you as well.