Banking On Facebook
Social networking sites like MySpace, Facebook and Orkut have been a great place for musicians and online dating companies to grab market share. But banks? It all started on May 24 when Facebook, taking a leaf out of what Microsoft has been doing for years, opened its network to outside developers. And one of the first finance companies to get onboard was
Lending Tree, (Rob at Lending Club wrote in saying that they are in no way connected to Lending Tree) with Lending Club. Paypal has set up PayMe an online payment mechanism. But consulting firm Online Banking Report feels that all this is just the beginning. The rise of social networking, they say, could have a profound effect on banking and personal finance. As companies combine massive databases of financial transactions with the ‘collective intelligence’ of a networked customer base, interesting things can happen.