Marketing Pilgrim's "Social Media" Channel

Sponsor Marketing Pilgrim's Social Media Channel today! Get in front of some of the most influential readers in the Internet and social media marketing industry. Contact us today!

Would You Put Your Money in the Bank of Facebook?

CNN Money says that Facebook is “quietly” working with Australia’s Commonwealth Bank on the creation of a Facebook online banking app. The concept is sound enough, people are already on Facebook, so why not let them do their banking from the same page.

To which I counter, why would you want to?

One stop shopping make sense when you’re out running real errands and gas is $4.00 a gallon, but is there really a need to put all of my internet stops under one roof? Not to mention, under Facebook’s roof?

The app will allow customers to pay third party bills and Facebook friends with a few clicks. Again, there’s good and huh here. Security has always been an issue with Facebook, so in spite of the fact that the bank says the actual transactions will be handled via their secure servers, I’d be reluctant to list all my payees on a Facebook page.

On the other hand, a system that allows you to transfer money easily to friends on Facebook could have its uses. Remember the other day when I said Paypal needed some competition? Well, this could be it. An internal, cash, banking system would be a boon to small business owners who want to sell products directly from their Facebook page. It’s Etsy and eBay without the middle man. Now that Facebook is doing away with the Facebook credit system, this sounds like a fair replacement.

It’s no secret that I’m not a Facebook fan. I think they’re over-hyped and I don’t like their attempts to be all things to all people. I can’t image what it would take to get me to run all my banking through the social network but I do think they’re on to something. A dedicated, internal, Facebook payment system could end up becoming as common and well-used as the external Facebook connect button. People (including me) don’t like hitching all their horses to Facebook, but that button makes logging in to a variety of sites a breeze, so we use it.

Future scenario, I’m on the Facebook page of my favorite self-published author. She has her new book for sale on the page and all I have to do is click it to send payment from my Facebook account to hers. No going to Amazon, no clicking through ten screens of minutia. Oh dear, I think I’ve just convinced myself that Facebook banking is a good thing.

Care to talk me out of it?