13% Would Use Banking in Facebook (NetBanker)

In a unscientific poll of 500 Facebook users (see note 1), we found that 13% of respondents are interested in accessing their bank balance through their Facebook account (red bar below).

Source: Online Banking Report, 9 April 2008, n = 500

While that's not exactly a ringing endorsement of the idea, it's potentially enough early adopters to get the service rolling. Most of the interest was from the younger segments. For example, 18% of 18-to-24 year-olds said they'd probably use Facebook banking (gray bar below) compared to about 5% of the 25-49 group (green and yellow bars below).

Source: Online Banking Report, 9 April 2008, n = 500

But it will take education to move "Facebook banking" into the mainstream. The majority of respondents, 70%, said there is "no way" they'd bank within Facebook and another 13% said probably not, resulting in a strong 83% negative rating. Given well-founded concerns surrounding online security, that's not surprising.

For more information:

See previous posts on Facebook banking apps from mShift and Galaxy
See Online Banking Report on Social Personal Finance

Note:
1. Survey was conducted April 9 through Facebook's polling mechanism. Total respondents = 500. Respondents are self-selected so the results should not be used to forecast specific demand.

Comments (3)

Monty Loree:

Interesting but scary.
I've had an ATM card since 1978, and have been an early adopter of online banking etc.

Banking from Facebook seems scary to me. They're a known quantity, however, not that well trusted!!

Posted by Monty Loree | May 7, 2008 6:51 AM

Posted on May 7, 2008 06:51

Ed Terpening - Wells Fargo

Thanks for this! Great information.

Posted by Ed Terpening - Wells Fargo | May 7, 2008 11:08 AM

Posted on May 7, 2008 11:08

JJ Hornblass:

Thanks for this valuable information. The 70% who say "no way" would they use Facebook to view their bank account balance is more of a statement on Facebook than on the role social networking can (and I might argue, already does) play in banking. I can see Facebook eventually stemming the inherent weaknesses the data evidenced. That would certainly help Facebook -- and banking consumers alike. But it will be a challenge for Facebook. Facilitating greater security implies putting more limitations on usage. I am not sure such limitations synch with Facebook's goals, at least in the near-term.

Posted by JJ Hornblass | May 12, 2008 7:32 AM

Posted on May 12, 2008 07:32