Mark Zukerberg himself was likely ill prepared for the impact that Facebook would have on the world. The social network site has permeated almost every sector of business – even the banking industry.
Facebook banking hasn’t exactly passed the tipping point, and some of you may have never even heard of it. However, such services do exist, and for the people living in Turkey, Facebook banking has become customary.
DenizBank of Istanbul claimed they were the first to launch a Facebook bank branch in 2012. The branch allows accountholders to transfer money all hours of the day and everyday of the week. Users can also manage daily transactions linked to credit, debit and deposit accounts. There is even an application on the Facebook site that allows them to chat with customer service representatives for support.
As DenizBank’s social media banking matured, other functions were added. New services allowed customers to make money transfers, purchase and apply for loans and new products as well as invite other friends and family to use the platform.
It seems Turkey has transformed into the epicenter of Facebook banking. According to the Financial Services Club, Akbank, based in Turkey, also offers a Facebook banking app.
Turkey has revolutionized into a digital hotspot. Turkish banks have had room to breath since the Turkish government eased up on tight banking regulations in the last couple years. Financial authorities deregulated old laws in order to promote more bank competition.
Other countries are following the social media light and rolling out Facebook banking app accounts. ASB Bank in Australia and New Zealand and ICICI Bank of India have also use the social media site as a platform for banking services.
Despite the increase in popularity, some customers have expressed security concerns about using Facebook as a site for banking services.
Financial Services Club reported that Sujit Ganguli, the head of communications at ICICI Bank, said, “Our customers were worried about going into their bank services from Facebook but, as we made it clear to them, you leave Facebook and are using our usual secure servers once you accept and install our Facebook app.”
The pivotal word here is “app.” As ICICI bank reassured consumers, along with DenizBank, that its services are similar to mobile banking apps, but just in Facebook format.
DenziBank has been trying to build customer loyalty and trust by adding mobile games and social fundraising features onto the banking app.
What will they come up with next?
Or to review DenizBank’s press release click here.