Online trading is growing and now it’s spreading to Facebook. From the world of Forex to Binary Options, trading online from the comfort of your own home is a big business. In June 2012, retail banks began to give their customers the option of linking their Facebook profiles to their telephone banking services. This gave customers to access their bank account through the Bank’s Facebook application in order to check balances and make payments. Among the first of the Banks to offer this application was the South African FNB.
CEO of FNB’s Cellphone Bankingndivision, Ravesh Ramlakan stated “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.”
Security is a big issue with social media banking and despite measures to implement proper security, the security issue still remains a big block for potential users.
Using animated pictures, videos and games, Finovate have also created an appealing product to capture the new generation of social media junkies.
Based on prepaid card, the app lets cardholder perform a limited number of online banking activities. Checking balances and viewing recent purchases are two of the mainstream banking activities. The app also allows users to set goals for savings plans with an integrated progress bar to notify customers when they have reached the necessary level to buy their heart’s desire.
Trading in the form of games is also continuing to grow. According to the financial portal How Traders Make Money, many binary options and retail forex platforms are beginning to capitalize on the ‘coming of age’ of Facebook users. Three to five years ago when the target age for Facebook applications and games was between 14 and 18, these applications had a difficult time converting users to real depositors. Now that these users have grown up and are beginning to receive credit cards and join the world as young adults, the trading applications are expecting much better results for the social media targeted campaigns.
The editor of How Traders Make Money, John Dean, stated “We have seen a dramatic change in the user profile of social media financial applications. This all points to the growing use of Facebook, specifically on mobile devices. Online trading applications have been rolling social and mobile apps for the past eight to ten months. I believe that the mobile products will gain momentum as we approach the 3rd quarter in 2013.”