Frustrated Ulster Bank customers may soon have an even better choice of alternatives as Facebook ventures into online banking. The social network is planning to develop an app in partnership with Australia’s Commonwealth Bank that will allow users pay bills and transfer funds via Facebook.
The bank will secure transactions using its own authentication system, similar to how it secures payments on its site and mobile app. A spokesperson for Commenwealth bank said that it won’t launch the app unless it can offer customers a 100% guarantee of security.
Facebook has not commented on the development yet but it’s probably fair to assume that if it’s working with one Australian bank, others around the world will be queueing up to participate.
Currently, just 16% of a brand’s fan base actually engages with a company’s Facebook page, so finding other ways for users to interact with brands on Facebook could help big firms that are looking to grow their social media presence, while of course helping Facebook grow as well.