What Do Banks and Facebook Have to Do with the Future?
In early August rumors spread like wildfire about Facebook asking big banks to give up customer data such as account balances, credit card usage, and loan values. And, although Facebook has declined to comment on the activity, future possibilities can still be found through the rumor smoke.
The big question is WHY is Facebook looking for consumer banking data? After all of the scandals involving the election, it’s hard for consumers to put their trust in the social media giant. However, the purpose behind their inquiry could be with the consumer’s best interest in mind.
If Facebook is able to develop a partnership with big banks, the big banks and all of their services could become available to consumers at the touch of a button inside EVERYONE’S favorite app. In China, technological applications such as “WhatsApp” are already doing this—and not only with banks. Consumers can access their doctors, insurance, all of their banking information and so much more through the app; and they love it!
If the big banks give way to Facebook and plant the seeds of a partnership, it could open the doors for multitudes of other industries to break in as well. As a result, the luxury of convenience could be available to you and everyone else on the block.
However, although these types of partnerships will completely transform possibilities for businesses of every shape, size, and kind they will also forever transform the way consumers are doing business. Convenience will become even more ingrained in their preferences, and their expectations for service and unique customer experience will be in even higher demand.
The risk involved is business integrity and consumer data safety. By forming these types of partnerships will businesses be risking their well-being, and will consumers become even more vulnerable? Many people seem to think so. However, many people also think there is no other option but to move forward in this direction.
So, now the question is, who will make the first move. Will Facebook and the big banks begin a partnership that gets this ball rolling. Or, will the rookie advantage fall in another industry who bites first?
And, what will you do as a business owner once this opportunity arises? Will you adopt it along with all of the other technological advances that have presented themselves over the past decade? Or, will you sit on the sidelines waiting until it is fully developed and the next opportunity is knocking at the door?
These are the questions that business owners and tech developers have to ask themselves as we move into the future. Of course, there is only so much that one can hold back form. However, there is also only so much that one can fully adopt. Whatever camp you sit in regarding social media business partnerships, be sure to fully educate yourself on what the opportunity involves.
And, don’t forget to let us know what you think!