Citi Asks Fans If They Would Bank On Facebook

By Justin Lafferty 

Not long after an Australian bank announced that it planned to offer the ability to send money and pay bills through Facebook, American financial giant Citibank posted an interesting message to its Facebook page, asking fans if they would bank through Facebook, if given the chance.

Citi didn’t launch any plans for Facebook banking, but maybe this is its way of testing the waters. Although more than 700 people liked the post, many commenters were not as receptive. Here are some of the more well-written responses:

  • This is why I love Citi. Innovation!
  • No … when Facebook wants you to share everything with anyone, do you want to share your wealth with anyone!?
  • Nope! Banking and social networking ideally should be on two totally separate platforms.
  • You must be joking, right?!
  • No, I would never like to do any banking on social networking sites. Nor I would like to have same login.
  • Only if you could find a way of making it secure, which Facebook is not.
  • I would love to have bank transactions using Facebook, but make sure it is secure.
  • Security would be the only issue. There would have to be another password for the Citibank Facebook app.

Obviously, security is the No. 1 sticking point. Hacking into a Facebook account is one thing, but hacking into a bank account is another level of violation.

As Valuewalk points out, there is a precedent for a banking app. Indian bank ICICI has an app, but you can’t move any money. Users can check their balances, get statements, and order checks.

Readers: Would you bank on Facebook, if you had the chance?