Social media banking

The adage goes “Necessity is the mother of invention”, today’s competitive world survives in this concept. Company’s necessity is to identify consumer’s necessity. The term necessity can be redefined as sophistication in today’s scenario, as the trend evolves people expects everything to be sophisticated as time has become a luxurious factor. Taking this into consideration innovations today bring in a fabulous technologies to enhance the comfort factor.

Banking and social media are the two rapidly developing industry, imagine the impact that would be created if these two industries hold their hands. A recent article in economic times spoke about facebook’s contribution to the world economy. It is mentioned that facebook has contributed $227billion in the global economy. Facebook would be dominated to be the world’s second largest country if it is not in virtual form.

ICICI bank shook hands with facebook , which gave the facility for its consumers to perform their transaction even through facebook. Till today, it has attracted 30,000+ consumers to utilize this technology. Claiming to have nation’s highest youth consumer, ICICI banks choose its way to be trendier. As the ICICI – facebook relationship gave a really good welcome; ICICI bank has decided to shake hand with twitter.

Consumers can go behind NEFT and RTGS transactions through social media. It is expected to bring in immediate payment services also. The most attractive factor is that the consumers are not charged for the fund transfers. Till today the bank claims to have 2.8 million mobile banking and 15 million internet banking users. The bank- social media relationship is expected to obviously increase the user count along with the customer satisfaction factor.

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