Banking and Social Media

Saturday, January 28th, 2012
Updated: January 28th, 2012
The content is accurate at the time of publication and is subject to change.

A new bank is set to launch later this year that will make use of social networking data to determine pricing and product offerings for its customers.

MovenBank Corp. Ltd. has sets its sights high. Set to launch later in 2012, it already plans to be the number one mobile banks for the so-called “smartphone age” where social media and social networking reigns supreme.

It should come as no surprise, then, that MovenBank fully intends to make good use of a customer’s social media information when embarking upon a new relationship. Accountholders can should expect their social media data to shape the types of products they are offered by MovenBank and their price structures.

“We look at a bunch of elements, and one is your ability to act as a referrer, or influencer, who can drive acquisition as a basis for connections,” said Brett King, who is not only the founder and chairman of MovenBank but the author of the book Bank 2.0, according to the online news source Collections & Credit Risk.

Heretofore banks have not utilized social media outlets such as Facebook and Twitter for much more than marketing attempts and experiments involving customer service. This is not to say, however, that financial institutions – and their product vendors – don’t recognize the potential that their customers’ social media data has in terms of influencing credit decisions, product pricing and even aiding debt collection.

While some believe that this type of information may help change the shape of banking in the future, it may not, in fact, be of much assistance to lenders in light of all of the recently mandated Federal regulations like the Fair Credit Reporting Act which limit the ways in which consumer data can be collected and shared.

Nonetheless, MovenBank fully intends to use information gleaned from Facebook, Twitter and other similar social networking sites to inform underwriting and pricing, with the additional hope that such information would help the bank to cultivate  long-term customer relationships by extending perks like better pricing for repeat customers. King has worked to develop a scoring product unique to MovenBank known as CRED, which combines traditional credit scoring elements with an individual’s social media and social networking “street credibility” to determine exactly what offers MovenBank will extend.
That means that with CRED, MovenBank will not only scrutinize a potential customer’s bill payment history, their tendency to make payments on time and whether or not they have ever defaulted on a debt but also their personal standing in the social media networking scene and evaluate their ability to inspire others to sign up for the bank.

“If you introduced 20 friends, we might add 25 basis points to a saving account, or offer free p-to-p transfers,” explained King, according to Collections & Credit Risk.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

Latest Credit Card Issuers News

Monday, March 4th, 2024

The news that Capital One Financial has struck a deal to buy Discover Financial Services shook up the credit card market, paving the way for Capital One to become the largest nation’s credit card issuer in the country. Capital One, a stalwart in the financial sector and the ninth-largest bank in the U.S., plans to […]

Wednesday, March 29th, 2023

Citi has officially launched its new travel platform with the assistance of, which Citi cardholders can use for earning and redeeming Citi ThankYou points. Citi Travel with will replace the existing City Thank You Travel Center and will offer access to over 1.4 million hotel and resort options, as well as competitive pricing […]

Wednesday, September 14th, 2022

An alliance between American Express and i2c is now focused on offering payment products in the American Express network through fintech companies. Amex announced its collaboration with payment and banking technology company i2c in April this year. The two partnered to create a platform that allows fintechs and financial institutions to launch cards more quickly […]

Wednesday, June 2nd, 2021

Continuing to live in the present reality and the ongoing COVID-19 pandemic, global giants of the financial and credit sector introduce new bonuses for the convenience of their customers. Mastercard, in turn, has announced new partnerships with DoorDash and HelloFresh offering new food and grocery delivery perks to Mastercard World and World Elite cardholders. According […]

Thursday, January 21st, 2021

Walgreens has recently announced its plans to enter the consumer financial services market. To be precise, the second-largest pharmacy store chain in the United States is going to start issuing credit cards and prepaid debit cards under its brand. The main reason for this expansion of the scope of activity is the losses incurred by […]

Best Credit Offer
Surge® Platinum Mastercard®
Check off the cards you want to compare. Then click the Compare link to go to the comparison table.
Consumer Rating: 4 / 5
Horizon Card Services Group One Freedom Card
Copyright © 2001-2024 All Rights Reserved.

See the credit card's terms and conditions on the online application page. Note that this website may be compensated by credit card issuers when the visitor applies for a card through the links on this website. We do our best to maintain all information accurate and up to date. However, we do not warrant the credit card information won't change. Click the "Apply Online" button and review the current info on the secure credit card terms page.

Information in these articles is brought to you by Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles.

The webpage is a free service and an information resource for credit cards and financial products and services available to eligible United States consumers. does not offer any warranties and is not a direct service. There are no guarantees for approval or offers when applying for a credit card. Please refer to the application if you would like more information on each credit card. When you click "Apply" for a particular credit card, please take the time to review the terms and conditions of the product/service at the issuer's website. All logos on the website are property of their respective owners.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer. Opinions expressed here are the author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. Reasonable efforts are made to present accurate info, however all info is presented without warranty. Consult a card's issuing bank for terms & conditions. makes every effort to keep information up to date and accurate. However, the information regularly changes and is presented without warranty. Therefore, we strongly recommend all our readers to visit the credit card application page by clicking "Apply Online!" button to review the detailed credit card's terms and conditions. Note that may be compensated by the credit card issuers when the readers apply for a credit card through this site. is an independent, advertising-supported website which receives compensation from the credit card issuers and companies whose offers appear on the site. Compensation may impact how and where products appear on our site, including, for example, the order in which they may appear on the site pages. does not review or list all available financial or credit offers.

You've successfully subscribed!

Please specify the following:All these fields are optional

Thank you for providing this information! We will make sure our letters are useful for You.

User Generated Content Disclaimer: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.