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Facial recognition – the evolution of banking services

May 29, 2012 • Mobile and Telecoms, Top Stories

In the not-too-distant future, many people will look to social networks as a primary means of managing their banking accounts. Transactions and inter-account transfers will continue happen between friends on Facebook, for example.

Robert Sussman, local entrepreneur behind ZunguZ. (Image: File)

So claims Robert Sussman, a technology specialist and co-launcher of the ZunguZ multi-tier cloud platform that facilitates cost-free micro-payments and account management services between Facebook users.

The solution was recently added as an app on Facebook’s App Centre.

Developers of ZunguZ say the advantage of this platform is that it offers the consumer a new way of accessing accounts, making deposits and withdrawing funds from any bank account linked to Facebook.

Users do not have to have a specific bank account or offer up personal details like email addresses.

Users can transfer money from their bank accounts to other bank accounts directly through Facebook and can purchase from any merchant’s website or Facebook fan page with a predetermined and preferred payment method.

“The technology is there to allow users to shop online, exchange gift vouchers and much more. But, the growth of social media has spurred on the evolution of banking services and today there is no need to have to physically go into a bank to activate accounts or acquire other services. It can all be done via the social networking website,” explains Sussman.

This emerging market represents a critical growth opportunity for service provider and today there are numerous online and mobile payment platforms that integrate with social networks, including PayPal, Square and eWallet.

“Traditional banking happens at the point-of-sale. What we are have introduced is technology that enables people to access and manage their accounts at any time, any place,” says Sussman.

He points out that ZunguZ is not a bank nor ever intends to fulfil that role. The company provides the snecessary expertise and systems to enable banking and financial institutions to integrate their systems accordingly and offer the value of this service to their clients.

Financial institutions are looking to extend their services to new clients and emerging markets, including the youth, a particularly active segment in terms of social networking and adoption of apps.

Chris Tredger

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