We’ve been having a debate here about what are the true implications of Facebook for banking outside the fact that it counts a large number of consumers among its users.

The debate generally breaks down along age lines. The young folk here at BankInnovation.net say Facebook is not a “professional” app, and is only useful for “personal” matters. The older among us (me included) think banks can build meaningful banking apps on Facebook and that those apps could engender regular usage. Or put another way, that Facebook can mutate from a “friend” site to a utility site for consumers.

So far, I don’t think Facebook has made the transition. Of the five most widely used “money” applications on Facebook, only one is close to being a banking app (Space Change, the third most popular money app). They are:

1) Be A Tycoon
By Offbeat Creations, Inc.
Earn millions of virtual dollars and use the cash to buy and sell properties to build an empire to rule the world!
367,169 monthly active users — 646 reviews

2) Be a Billionaire!
By Digitware, LLC
Ever wonder what it feels like to be rich? with a big bank account and the money just grows by itself endlessly? buy anything you want and be able to shower your friends with millions like pocket changes? you can do all that with this app!
186,309 monthly active users — 150 reviews

3) Spare Change
By Spare Change
Spare Change is the first integrated payments application on Facebook. Put a little money in your Spare Change account. Spend it on your favorite applications all over Facebook. Spare Change is safe, easy and free
171,931 monthly active users — 51 reviews

4) Real Estate Tycoon
By FishDawg LLC
Buy and sell some of the hottest real estate across the country and around the world. Do a good job timing the market and you’ll make boat loads of cash. Compete with your friends and others on Facebook to be the biggest tycoon.
103,988 monthly active users — 17 reviews

5) IQ Test (Advanced Level)
By profile.to
A more challenging test from the makers of the original IQ Test on Facebook, this test will give a more accurate result for anyone who scored above average (over 100) in the original test. It also has a much higher maximum possible score.
97,945 monthly active users — 12 reviews

How this will all play out is of great importance to the banking industry since Facebook receives 68.6 million unique visitors per month. Despite the traffic numbers, there is a good chance that the Facebook brand is so ingrained as a “friend” site that it will never truly morph into a “place to do your banking.” And even if banks build meaningful apps there, the “fun” apps may simply overcrowd them. Only time will tell.