Xxxi) Movenbank (e-banking - "no paper, no plastic, no hidden fees")

- launched and developed by using social media like Facebook in banking. Imagine a bank with no branches but using Facebook and Twitter will be critical to determine the quality of services. Movenbank will use hand-held devices and use latest payment technology (Near Field Communications - NFC) which allows instant payment by pointing the device at a reader at point of sale. It will work in partnership with local banks who will handle the back-office tasks, risk management & regulatory obligations. Research has shown that someone on Facebook who has in excess of 100 friends has a low identity-fraud risk; Movenbank also uses psychometric tests to study attitudes to spending and saving money. People allow the bank access to their Facebook pages, and access to services will depend on your recommendation of the bank to others. It is estimated that they will need around 50,000 members to break even.

 

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