Are Social Networks Feasible for BFSI?
By Sonal Desai
Mumbai, Nov 18, 2008 1416 hrs IST

Web 2.0 is here to stay. Ideas like social networking are seen as a convenient way to keep in touch with colleagues and exchange ideas between peers. But can a sector like the BFSI, which is so touchy on security issues, ever open to the idea of a social networking site, exclusively for them?

According Gaurav Gupta, manager (trade finance) of ICICI, as financial industries increase the use of web 2.0, the tendency to use social networks to further share information and collaborate both internally as well as with peers will increase. Different banks have different usage of utility. The success of social networks for financial industry will depend on how secure the TSU will be he said.

Analysis and strategies can also be shared with peers since this will be a closed circuit social network site. Pradeep Kumar, VP (treasury) for Axis Bank agreed that executives from the BFSI sector would feel more comfortable sharing information on a site dedicated solely for the BFSI sector.

P.K. Nayak CGM of RBI said, Besides interaction and sharing of ideas the site could prove a good source of information on credit worthiness credit reports and market information.

According to P. Mahapatra, chief manager of Central Bank of India, the network could be used to integrate society with financial institutions and for developing rural economy. But there are even more potential benefits. As C. Sahu, chief manager (systems) of SBI puts it, Social networking offers many more benefits, apart from staying in touch with colleagues. It can be used to reach a wider audience, share thoughts, and also for product reviews.


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