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BANKING AND INSURANCE

Banking with Facebook and Google Might Become the Future

Banking with Facebook and Google Might Become the Future
The Siliconreview
25 June, 2018

Social media is surely playing its part in online shopping, personalization, and convenience. What if it provides the same in the banking industry? Many would love to go for it. Although, with recent issues with Facebook some feel that many won't trust big tech firms with their private information, especially in banking transactions. For that MuleSoft surveyed more than eight thousand people across the world eventually to discover that 53 percent of the age group of 18 to 34 said they would consider banking with Facebook or any other tech provisions used by them regularly. It is either the confidence they have over Facebook or that the recent event of data exploitation hasn’t affected them in any way.

Keep in mind that, companies like Samsung, Google, Apple and many others have already developed payment and peer-to-peer solutions for its customers. It certainly won’t be a surprise if they start offering loans, mortgages or any finance related aspect in the future says, Shashi Nirale (senior vice-president, Servion). Also, in a recent survey from Which Showed that the UK branch closures are reaching an alarming rate of 60 a month. Not to mention the reports on the future money carried out in the US and China by the Innovation Group - J Walter Thomson Intelligence. It shows that around 76% and 65% of Chinese and US consumers respectively feel there is a need for ethical behavior in a financial institution. 

All points to one question, will tech giants provide an answer to all these problems happening in the banking sector? We should wait and watch.