Privacy & security. Big barriers for the financial sector to overcome when considering how to break into UGC, WOMM and social networks. Fisery, a company that supplies back-end bill-payment and transaction technology recently launched a Facebook application called MyMoney, which allows Facebook users to carry out basic banking tasks such as paying bills, making transfers, and checking balances. If you believe you need to go where your audience is, and you are targeting Gen Y consider this. 65 million users spend an average of about 20 minutes a day on the site. On the security front the application was built using 128-bit encryption and a two-way security system that lets the credit union know who is trying to access the member’s account. So is the financial sector ready? So far 36 credit unions have started supporting MyMoney. I'd say yes.
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