First National Bank last week jumped with two feet into the social media arena with the launch of How can we help you?, described as “a niche social network centred on financial content”, according to Andy Hadfield, FNB’s Web 2.0 guy, writing for the Mail & Guardian’s Tech Leader column.

The interactive website is intended to help the average South African navigate the often confusing financial world, by offering easy to understand explanations and advice, so that people can make informed decisions.

Andy goes on to explain that this is FNB’s way of harnessing the conversation that usually takes place around the Sunday braai. Although he goes on to talk about harnessing the power of the wisdom of the crowds, the disclaimer on the site does make it clear that you should consult a qualified financial consultant as well. In any case it does seem like that you can pick up some good tips such as checking your till slips and ways of managing credit card spending.

Information from expert sources such as Suze Orman is aggregated on the site and members of the community can ask questions and share tips via the forum. The site is not intended to be an overt marketing vehicle for FNB, although it is clearly branded as an FNB venture, and presumably FNB team is going to be monitoring the site closely to gauge public perceptions and mood.

Based on the speed with which the team responded to Paul Jacobson’s concerns about FNB’s lack of legal framework, they are certainly monitoring the feedback diligently. Time will tell whether the feedback gathered will be used for the good of the consumer – let’s hope it is.