Facebook Makes an Excellent Banking Medium
Globalization. From Forbes Magazine to Fast Company, and every blog in between, globalization appears imminent. With the web bringing people together at an exponential rate, people will become less dependent on physical location. Communities of creative talent are developing worldwide, and are using the web as their infrastructure to talk and collaborate. With a number of web applications for tech geeks to play with, Facebook has taken a different approach, and built the infrastructure.
From an article on CNNMoney.com:
The short version is that Facebook is taking its two major assets - its 24-million-members (growing at about 150,000 per day) and its strong technology underpinnings - and making them available to all comers.
The banks that I have collaborated with are all focused on their respective communities, from the neighborhood to the world. Facebook built a broad community comprised of college students, high school students, and businesses, and has opened its doors to developers providing an e-commerce platform open 24 hours, 7 days a week. This is an excellent opportunity for banks to provide services to this community from balance inquiries to bill payment. In is mobile banking a piece of the puzzle, I discussed Geezeo and the services they are providing to college students. They have partnered with CashEdge, which provides “online financial applications for banks, credit unions, and wealth management firms”. Their service is targeting college and high school students, and plan to offer a broader range of products in the future.
Mobile commerce is already prevalent in South Korea and Japan. China has become the newest home to creative talent. The use of mobile social networking is prevalent in India. Facebook has 24 million members with limited international access.
Who wants to offer financial services?
Technorati Tags: Banking, Facebook, Finance, Geezeo, Mobile Banking, service
Posted on May 29th, 2007 | By: bootstrap economist | Filed under Banking, Web Technologies
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