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It’s no secret that banks have caught on to the Facebook phenomenon, luring graduates to pages that give potential recruits a chance to swap tips and bone up on the company.

Barclays Capital, for example, has around 330 members in a page dedicated to new recruits on its graduate scheme. Goldman Sachs, meanwhile, has a mere 214 ‘fans’ on its Facebook site.

But it seems Royal Bank of Canada (RBC) has gone one step further to exploit the new technology. It has enlisted the help of six student bloggers, resplendent with goatees, skinny jeans and, in the case of one financial guru, a Mohican, to advise young folk on what to do with their money.

RBC reckons research has shown that students need a helping hand making financial decisions, but feel too intimidated to go into a bank.

Students logging on can solve such lofty questions as “I want a cooler phone for my money”, or “guitars, amps and microphones…oh my…how to buy what you want”.

Research by analysts Javelin Strategy suggested banks should use blogs to strengthen brands and encourage customer loyalty, but fewer than 1% have to date exploited the technology.

Facebook can be used in other ways though. Research by recruiters Joslin Rowe suggests 20% of employers use Facebook and LinkedIn to check up on potential hires.

Meanwhile, Adrian Kingsley, head of financial services at recruiters Astbury Marsden, reckons they can source candidates for M&A, capital markets and private equity from the vast pool of people on the likes of LinkedIn.

Management consultancy PA Consulting has truly embraced the net’s potential by recruiting graduates through Second Life – the internet-based virtual world. Recruitment manager Tim Symes says the plus points of this medium include “removal of geographical boundaries” and the ability to make “anonymous contact” through the initial stages of hiring.