Indian Social Media Landscape

Banking sector has always been very careful of adopting new technology and rightly so. While technology will eventually make life convenient for the consumer, the banks need to venture in to new space only when they are absolutely sure that the financial data of the consumers are not compromised at any stage

The Truth

While 800 million people may be on Facebook, it would be interesting to see how many of them would actually go ahead and use this platform or any other social media platform for that matter for actual banking transaction. A good indicator of this comes from the Javelin Strategy & Research’s latest report that investigates consumer personal finance behaviors toward social media. According to their report, only one in ten consumers are comfortable using social media sites to review or check account balances.