Bank of America is moving into the social networking territory and has launched a site focused on helping small business owners.
Hogan said the goal of the site is to offer small business owners a place to share information, learn from others and find answers to questions without having to worry about an influx of marketing.
"The good news for banks is that the market is wide open for anyone who has had the winning formula," said Deloitte principal Frank Sui. "The bad news is that the market is so abstruse that no single bank has yet to discover what that winning formula is."
The largest business social network is LinkedIn, which had about 10 million visitors last month according to Compete.com.
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