Social banking with CIMB OctoPay
CIMB’s OctoPay FB app is a welcome addition to the payment surroundings Banks have to do greater to unleash the latent ability of e-business in Malaysia CIMB Bank has joined the ranks of Commonwealth Bank Australia, First National of South Africa, ICICI of India and ASB bank in New Zealand with the aid of launching OctoPay, a Facebook banking app. Instead of emphasizing the security concerns (raised by using Citibank Facebook fans in July 2012 while surveyed whether or not they’ll use a banking app thru Facebook), I’d want to focus at the capacity of banking via social networks. Unlike Social networking, getting the ‘network effect’ in banking is discovered with the aid of heightening payments versus the bread-and-butter of financial savings and financing. Oddly, banks have only skimmed the surface of online bills; and allowed the likes of Paypal and WePay to occupy a niche in the economic transaction cost chain. I am one way or the other reminded of the way IBM neglected t...