Banks are Missing out on Growing Number of Financial Transactions over Social Media Platforms

2010-07-13 -- Global Intelligence Alliance (GIA), a global strategic market intelligence and advisory group, has released a bulletin that states that retail banks are missing out on business opportunities presented by the growing number of financial transactions over social media platforms.

GIA argues that retail banks missed out on opportunities to develop online financial services during the e-commerce revolution of the nineties and they may be missing out again, this time within the realm of social media. The global online virtual dollar market is growing rapidly and could reach US$10 billion in 2010, according to estimates by Engage Digital Media.

Social network users and social gaming players are becoming more comfortable paying for virtual goods and there is a need for convenient and secure micropayment transactions made in virtual or real currencies.

The need for flexible and secure payment infrastructures within social media environments gives banks the opportunity to offer solutions to social media players based on their technological knowledge, processes, reliability, regulatory compliance and reputations.

Retail banks can increase and diversify their revenue sources and enable further growth of social media platforms as they seek to improve their financial infrastructures.

The bulletin outlines four areas in which retail banks can facilitate online financial transactions that take place on social media platforms:
• Setting up virtual banks
• Facilitating secure online money transfer services
• Management services for virtual currencies
• Risk and liquidity management solutions for peer-to-peer banking services

The bulletin by GIA goes on to describe the ways in which retail banks can partner with social media and social gaming businesses.

View the bulletin on Banks should Capitalize on Growing Number of Financial Transactions over Social Media Platforms (http://www.globalintelligence.com/insights-analysis/bulletins/banks-should-capitalize-on-growing-number-of-finan)

For further information, visit the www.globalintelligence.com or send an email to media@globalintelligence.com.

www.globalintelligence.com

Global Intelligence Alliance (GIA) is a strategic market intelligence and advisory group. GIA was formed in 1995 when a team of market intelligence specialists, management consultants, industry analysts and technology experts came together to build a powerful suite of customized solutions ranging from outsourced market monitoring services and software, to strategic analysis and advisory.

Today, we are the preferred partner for organizations seeking to understand, compete and grow in international markets. Our industry expertise and coverage of over 100 countries enables our customers to make better informed decisions worldwide.

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00180 Helsinki, Finland

This release was published on openPR.