Web 2.0 delivers real world competitive advantage
The industry is also starting to embrace Web 2.0 within the enterprise
Bankers don’t generally like the term “Web 2.0.” Along with terms like “paperless office”, “killer app” and “netrepreneur”, they tend to view such concepts with a healthy level of scepticism.
But beyond the hype, there’s some very valuable Web 2.0 activities being conducted by banks as they recognise the need to communicate differently. Whether it’s blogging to consumers ("Fostering feedback"), building a community of like-minded people ("What goes around comes around"), or seeking out prospects away from mainstream media ("Seeking social butterflies"), innovative bankers are experimenting with tools that they believe bring them closer to customers, and in some cases deliver a competitive advantage.
The industry is also starting to embrace Web 2.0 within the enterprise ("Don't be afraid of Web 2.0"), with banks, including Westpac, using virtual communities, wikis and blogs to connect employees. For those still adopting a wait-and-see approach, the growing numbers of consumers engaging with social communities ("Watch this MySpace") should prove the trigger for activity.
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