Social Network Banking next big thing!

Banks in India are trying to exploit the popularity of social networking sites like Twitter and Facebook in India by offering bank services on the go. ICICI Bank and Kotak Mahindra Bank already started attempts to foray in to social networking sites.

The icicibankpay service allows customers to use their Twitter account for real-time fund transfers, prepaid mobile recharges and to check bank balance. The bank also has a facility on Facebook called Pockets through which funds can be transferred.

On the other side, Kotak Mahindra Bank is rigorously advertising Hashtag banking which is meant to pay bills, recharge mobiles numbers and other banking services by using hastags of microblogging site, Twitter. Rest of the banks are busy developing their own applications to foray in to social media. ICICI and Kotak Mahindra Banks claim this social network banking is fully secured and customers can transact with out apprehensions.