Banks Now Targeting Social Networks Like Facebook

With banks struggling with rising mortgage and credit card defaults it is not a big surprise that some of them have turned to social networks as a way to attract attract younger consumers. Information Week recently mentioned how Netherlands-based bank ING Direct has created their own social networking site called MoveOutMoveUp.com , aimed at first-time homebuyers, with community-oriented forums and advice pages under categories like “Oh Baby!” (for new parents) and “Moving in Together,” for prospective cohabitants. Earlier this year Fiserv , which supplies back-end bill-payment and transaction technology to financial institutions, took a different approach that ING Direct but launching a Facebook application called MyMoney, which allows Facebook users to carry out basic banking tasks such as paying bills, making transfers,... [read full story]