Now Facebook Can Be Used For Your Financial Transactions

Banks and stock broking firms on Friday 2nd March, have planned to carry out business on Facebook to build better customer relationships through social networking platforms. With 45 million rapid growing Facebook users in India, banks are making a smart test to discover how customers are comfortable in carrying out transactions on the social media site.

ad hostingIndia’s largest private bank ICICI, is one of the early movers to get interacted with customers. This application service will help customers check the balance in accounts, request statements and cheque books and it will be even easy to upgrade debit cards from their Facebook home page.

Banks and financial services so far, have been largely restricted to advertising and providing information about products and services. Moreover, customers have security and privacy concerns, but experts are of the view that security fears have been addressed as hackers are always building new hacking techniques. Recently, HDFC securities has asked SEBI (capital market regulator) for permission to launch such service. Axis bank started promoting its credit cards on Facebook.

Thus, other companies coming forward to experiment with social media with a view to doing something more than just being present on it.

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