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.
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?
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