Home Social Media CommBank Launches First Social Banking App on Facebook

CommBank Launches First Social Banking App on Facebook [P2P Payments]

Commonwealth Bank Launches Banking App on Facebook

Commonwealth Bank launches the first social banking on facebook in Australia, focused on P2P payments. Kaching allows users to handle daily transactions and social media banking without leaving facebook.

Commonwealth Bank Launches Banking App on FacebookAccording to Andy Lark, CBA’s CMOO, 55% of the population in Australia are using Facebook and are looking for new ways to connect banking to their lives.

Over 6.5 million CommBank (@CommBank) customers were online and accessed banking via mobile platforms – Android and iPhone. Facebook is the third platform to host the app.

According to Drew Unsworth, CommBank’s online banking general manager, Kaching for Facebook was an extension of the bank’s smartphone apps. It was designed to give 12 million Australian Facebook users more ways to bank.

Although it may sound like a risky investment, Facebook will not have access to financial information entered there.

Facebook is a regular target of hacking attempts. It had 206 phishing attempts verified by Phishtank in January. As a response, Commonwealth Bank customers must choose a four-digit PIN and register their mobile phones to receive confirmation codes, offering 100% security. The bank also reassures customers that they will monitor transactions.

According to Ross Monaghan, social media lecturer of Deakin University, although security concerns were often dismissed by the bank, it could discourage some users from using Facebanking. Another reason why they would choose to avoid this feature is simply to avoid mixing their personal life and their finances.

CommBank also announced updates to the smartphone version of the app. The app allows users to make payments, send payment requests to their friends, check account balance and transaction history, transfer funds, and view peer-to-peer payment and request history.

Key Stats

  • 55% of the Australian population uses Facebook
  • More than 6.5 million CommBank customers were online and accessed online banking via mobile phones
  • 12 million Austrlian Facebook users are given a new to bank with Kaching
  • 206 phishing attempts have been verified in January 2013
  • The bank offers 100% security with PINs and mobile registrations

Kaching Key Features

Social Payments

    • Send payments to your Facebook friends without asking for their bank account details
    • Pay to a Facebook event
    • Pay anyone with just an email address or mobile number
    • Request payments from your friends
    • Monitor what you owe and who you have paid
Everyday Banking
    • View your account balance and transaction history
    • Transfer between CommBank accounts directly

100% Security Guarantee

    • 100% security guarantee when you adhere to the terms and conditions
    • Facebook has no access on your account information, transactions, and payments
    • Kaching will only access your events and friends list
    • Your private information is safe

Andy Lark, CommBank’s Chief Marketing and Online Officer: “With Facebook popularity skyrocketing to more than 55 per cent of the population in Australia, we know our customers, particularly Facebook’s core user base of 18-35 year olds, are looking for new ways to connect their banking and their lives, friends and causes inside Facebook.”

Drew Unsworth, CommBank’s Online Banking General Manager: “Kaching for Facebook was an extension of its smartphone apps, and was designed to let users pay back money owed or make cash gifts to friends for birthdays and weddings.”

Ross Monaghan, Social Media Lecturer of Deakin University: “People don’t go to Facebook for financial transactions, they go there to interact with family and friends, so it seems like an odd mix. I’m not sure whether people would be comfortable making all their transactions through Facebook.”

Kaching for Facebook

[youtube=http://www.youtube.com/watch?v=cwuXL7ctxg4&w=700]

Covered by my Visible Banking Team
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With Kaching for Facebook, CommBank joined the exclusive club of financial institutions (like ICICI and BPI) which provide online banking services to their customers on the most popular social network worldwide.  

As a banking customer, how appealing and useful do you find those secure apps focused on financial transactions and payments?  Do you even need or even want to access your bank accounts on facebook?

We invite you to share your thoughts about the impact of social media and the financial industry, here, via twitter or on our Facebook page.

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