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Interesting side-note: I was talking recently with a "big data" analyst who told me he knew of shady characters in places like Russia and the Ukraine that were funded by organized crime, looking at social media data to help with identity theft. All those questions that banks and other service providers ask, like "What's your mother's maiden name?" or "What's your dog's name?" as a second factor using mere challenge questions, that kind of data can now be easily gleaned from Facebook. The idea is to build a complete profile on an individual, and then use that data to "leverage the authentication process", as you say. Scary.  But it makes me think that the definition of 2FA probably needs to be tightened.

Social media presents a lot of opportunities for banks (beyond mere marketing), and no doubt many consumers (especially younger ones) will want to engage with their bank (or any service provider, for that matter) through their social media identities. But at the end of the day, I think they'll instinctively draw the line at handing access to their sensitive financial data over to the likes of Facebook, Twitter or any third-party. (Particularly Facebook, which among them is the worst in terms of their regard for security, privacy and ownership of data.) 

I think consumers have an ingrained separation in their minds of what belongs in the realm of the more "open" social media, and what belongs in the locked vault; most financial services, for most people, tend to fall in the latter.  The challenge for banks  will be in determing how to navigate this divide.  I don't think it can get as simple as you'd like it to be, but certainly it can be simpler than it is today.  I see a sort of two-tiered approach where you can connect your social media identity to your bank ID, and engage in a limited number of services.  For anything transactional or requiring access to sensitive data, I don't see the bank relinquishing their security controls outside of their organization, not now or ever.  The risk is too high, and the integrity of social media companies is too low.