This is a very interesting time for Banks, for the first time in a long time they must satisfy their customers in order to remain successful in the future unlike Facebook who, no matter how terrible their privacy settings, UI, or business practices are nobody leaves, this is a huge reason as to why Google+ has not been successful. Facebook was also lucky enough to be the only social network when like itself when it started to attract every college student and eventually virtually everyone else. Most Banks do not have the advantages Facebook has. That is Facebook users are tied to each other and therefore will not leave unless others leave also there are tons of options for customers looking for a good Bank. If Banks maybe copied this model they would be in good shape because many are having difficulties satisfying their customers, but Banking isn’t social, at least not yet.
I am actually in an interesting position now with Chase. About 2 years ago I switched to Chase from Sovereign purely for the technology and usability. When I switched I also convinced 5 others (friends and family) to switch as well. I then noticed more of my friends going to Chase and many already with Chase. Now I have a large group of friends and family at Chase. With Chase Quick Pay I can easily make transactions to friends and family wether it be for a dinner bill we wanted to split, lending money to a family member, or maybe for some poker chips at a home game : ). If I were to leave Chase I lose the convenience of a Quick Pay even if another Bank has a Quick Pay option because I would not have any one to use the function with. Very similar to Facebook, I am in a way locked into chase without every noticing it was happening.
So what can Banks see from this? For one technology and usability is what can attract a large amount of customers, it is also what can drive your customers away. I know not everyone is like me, but like many new technologies the early adopters are what drives others to adopt, who in turn drive others to adopt, etc. If you tie this technology in with superior offerings then you can attract even more customers. Then add in the chains of user interaction like Facebook has, and a Bank may have a nice little formula for success.
It is going to be very interesting to see in the coming years where customers will move to in the future. There a lot of interesting technologies and small online banks coming up that will appeal to many early adopters. Look at how Square has taken off, it just had a valuation of $4 Billion, Pay Pal is launching some interesting things with Paypal Here and their mobile wallet offering, and the future launch of Moven Bank will be interesting to watch as well. These all have great UIs, offers, and P2P interaction. It is an interesting time for Banks indeed.