Instabank Taps Social Media Banking Facebook Mobile Banking PFM

Russia Instabank Taps Social Media, Mobile Banking, Facebook, PFM

Social Media Banking. Similarly to Simple, Instabank launches in Russia with a focus on mobile banking, facebook and PFM. This innovative bank is backed by VPB and Masterbank.

Instabank Taps Social Media Banking Facebook Mobile Banking PFM

It is not a replacement to traditional banks, rather a new way to do business for people with Smartphones and Facebook accounts or social media banking.

Customers who sign up using Facebook or download its iPhone application are issued with special Instabank MasterCard (@MasterCard) debit cards to avail of a wide range of online banking services such as instant notifications in the app’s activity stream, free payments to Facebook friends, wireless payments to nearby businesses, and tag individual purchases via Foursquare (@foursquare) or a photo.

The app also sorts expenses into categories automatically and allows users to invite friends to help them save towards split costs. For security purposes, the application requires a PIN code that can be verified with the help of a parent or trusted friend.

Instabank (@instabankru) does not actually hold the funds itself. The funds are held with one of the bank’s partners in Russia, VPB. The Instabank card can be used free of charge at Masterbank ATMs and VPB. It is also connected to potential bank partners such as the Life Financial Group.

The people behind Instabank are Dmitry Feofanov, Roman Potemkin, and Valentin Kravtsov. Kravtsov has worked as a software engineer for Google and IBM’s Haifa Research Lab. Potemkin and Feofanov co-own iDa Mobile, a mobile banking app developer, and have worked with over 10 banks.

Covered by my Visible Banking Team


How appealing to you would be a fresh new financial brand like Instabank, backed by at least one leading financial institution, providing banking services essentially via mobile, social media (facebook and twitter), and helping you make smarter financial decisions with some intuitive Personal Finance Management (PFM) tools?

We invite you to share your thoughts about the role of mobile technology in banking, here, via twitter or on our Facebook page.


What do you think?

Written by Christophe Langlois

Based in London for almost a decade, Christophe is an entertaining fintech marketing keynote speaker and a trusted advisor to the global financial services industry on the topics of digital marketing, innovation and B2B social media.

Christophe has contributed to over 140 events in 18 countries.

Currently, Christophe is advising a number of fintech startups on marketing and growth hacking and he is the Chief Marketing Officer of The Fintech Power 50, an exclusive annual programme helping fintech scale-ups to accelerate their growth globally.

Christophe's views on are his own.

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