FNB launches banking via Facebook

FNB launches banking via Facebook

First National Bank of South Africa has tied its mobile banking application to Facebook, enabling users to run the application from within the social media site.

To access banking through Facebook, customers need to link their social media profiles to their Cellphone Banking account. Once linked they can access the 'FNB Banking on Facebook' application from within Facebook, where they can check their balances, purchase prepaid products including airtime, SMS and BlackBerry bundles, and view Lotto and PowerBall results.

Ravesh Ramlakan, CEO of FNB Cellphone Banking says that of the 4.7 million active Facebook users in South Africa, 150 000 are FNB Facebook fans.

"As a bank, we average around 15 000 conversations monthly, via social media, with existing and potential customers," he says. "It is without a doubt that social media banking is the next frontier - to us this is a channel that will provide our customers with more choice and convenience to do their banking."

Earlier this year, FNB launched a mobile service for users to send voucher codes to their friends on Facebook. The coupons can be redeemed as pre-paid airtime or converted to cash using the bank's e-Wallet application.

Separately, New Zealand's ASB Bank today launched an upgrade to its mobile payments app that enables users to send money to friends through Facebook.

"More than two million New Zealanders are on Facebook, and many of them are managing their lives through social media channels," says general manager brand experience and digital channels, Anna Curzon. "Payments through Facebook are the next logical step in our banking services, allowing our customers to make quick and easy payments to Facebook 'friends', without the hassle of asking for bank account numbers."

The bank celebrated the launch, which was first reported on Finextra last month, with the release of a humourous promotional video on YouTube.

Comments: (1)

A Finextra member
A Finextra member 21 July, 2012, 01:34Be the first to give this comment the thumbs up 0 likes

It was just a matter of time. a Javelin survey of 5,000 adults show that 15% of US young adults ("core millenials" we call them, 18-24 YOs) are ready to use social media for banking right now. While our data also show that users of top SM sites are more likely to be actual fraud vicitms, bankers can use social media for simple notifications and inquiries, even about real matters such as "is my balance below the pre-set threshold?"