As the world of banking and financial services has become digital, electronic banking has become common practice. Mobile banking is also becoming increasingly popular, particularly in the developing world. But, with most of their customers on social networking sites, how much are banks leveraging social platforms to reach their customers? Apparently, not much.
Let’s be honest. How many Facebook users are fans of the financial institutions that facilitate their financial transactions every day? And if you could manage money through a Facebook application, would you? The truth is that for many industries – technology, entertainment, consumer products, and fashion – engaging with the over 200 million users (and 60 million Americans) active on Facebook is a no-brainer, but other industries are a bit more cautious.