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New social network helps consumers compare banking services

Staff (Social Media Portal) - 04 August 2008


Now that social media have become a major tool for marketers, it would seem that consumers are starting to organise themselves in return, comparing notes in order to source the best terms of service available.  Launched today, a new website called illustrates this trend, providing an online venue where users can exchange current information about as well as their own personal experience with United Statesí banks.

Combining site-furnished information with user generated content (UGC), the new offering functions as a tool for comparing and contrasting banking terms, rates and services.  The raw data provided is updated in real time, and put into perspective by explanatory notes that purport to translate fragmented and sometimes obscure investment terminologies into "basic English".  Registered users can post their own anecdotes, comments and recommendations, bringing a human touch to a sector that can be dry and off-putting.  Up-to-the-minute bank rates through email and SMS are also on offer.

The user interface was developed with clarity in mind, so that industry facts and figures, user interaction and advertising by financial services providers can be viewed side by side.  In this, the visual aspect of the platform aims to be in accordance with its purpose, as described by Alex Matjanec from My Bank Trackerís media and communications department, who explains that, " realized that there was a need for an online banking services information destination that allowed users to comparative shop for a service that was best for them while leveraging the knowledge and experience of the millions of existing banking customers".

New features are scheduled to be added in the coming months, including mortgages, credit cards, and rate alert systems.

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