At the same time global banks and financial institutions are becoming more aware of the value of social networks to extend the reach of their service offering and meet customer’s need for placing people at the centre of banking. This, however, often doesn’t go beyond a bank just offering its customers the ability to conduct their daily banking activities on Facebook. .
If this strategy is conducted effectively, it will represent a huge pool of opportunity for banks to begin their journey into the social graph to enhance service profiles, retain existing customers and acquire new customers in new and existing markets says management behind ZunguZ, the multi-tier micro-payment platform that is deeply integrated with Facebook, through agreements dating back to 2010.
The rapid growth of number of users within social networks, in emerging markets, represents the same ‘un-banked’
Whilst reviewing the status of the ZunguZ platform, entrepreneurs Robert Sussman and Lance Fanaroff have proven that ZunguZ allows banks operating in global markets to acquire new customers via the ZunguZ platform. ZunguZ goes beyond just allowing banks to operate inside facebook, but rather placing people at the centre of banking and making the banking experience with regards to payments, social.
ZunguZ cautions banks and bank account holders from traditional banking on Facebook, should they not be using a platform with deep intelligence, patented algorithms and fraud management analytics that has made ZunguZ explode overnight in global markets. ZunguZ separates banking clients bank details and financial holdings from the social graph.
ZunguZ transfers the value of the evolution and revolution in modern banking thanks to the advent of change in the way people engage with social media and the ability to place people at the centre when there is an online point of purchase made available at anytime.
Sussman says there are numerous Person-to-Person, Person-to-Business and Business-to-
This is where ZunguZ is differentiated in terms of its technical analytics, fraud scraping and proven architecture, with social features that go beyond payments. ZunguZ has been built with people at the centre and not just payment technology. .
Sussman and Fanaroff underline ZunguZ’s embedded intelligence, including its ‘Z-button’
Financial institutions are likely to pay a great deal more attention to the social network habits of customers and their communication across these platforms says Sussman.
“Banks working with ZunguZ, allow them to attract new customers, as their customers don’t need to have a bank account with their bank to have a full banking experience. We deliver these customers to the banks through agreements with our banking partners,” he explains. “So, instead of following the traditional ‘blanket mass marketing’ model with service promotions, banks are likely to target specific services at specific clients, based on their projected value.”
As Sussman details, the power now rests with the consumer and numerous account service functions can be performed at any place, at any time.
Furthermore, banking and financial institutions will concentrate on reducing costs and this means reviewing infrastructure.
ZunguZ is in consultation with global financial institutions and is already working with Mastercard in Mexico.