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.

April/May 2008

REQUEST FREE BACK ISSUE

FEATURE STORIES

STRATEGY

Fostering feedback
RaboPlus believes Web 2.0 is a competitive differentiator
Subscribe...

SECURITY

Cardless criminals
Card-not-present fraud is spiraling out of control, with very few options for stopping it
Subscribe...

MARKETING

Seeking social butterflies
Networking sites give marketers an opportunity to go beyond "click here and apply now"
Subscribe...

PAYMENTS

Following the fast money
Is Australia equipped to follow the UK's lead for quicker payments?
Subscribe...

BEST PRACTICE

David and the 'big 4'
The practices of the major banks and their niche counterparts reveal beneficial lessons for each
Read More...

IN EVERY ISSUE

Strategy
Strategy is essential. But if your organisation doesn’t have the right technology and marketing, then that strategy can unravel.
Read More...

Security
Increasingly, the number one challenge for online banking professionals is security. Do customers feel safe conducting online financial transactions?
Read More...

Marketing
Successful online marketing is eight parts strategy and two parts implementation and tactics.
Read More...

Technology
Just as quickly as new technology appears, new issues – like integration, security and fraud – come to the fore.
Read More...

Payments
The Asia Pacific region is on the cusp of a major revolution in payments
Read More...

LATEST BANKING EXPERTS COLUMNS

STRATEGY

Simon van Wyk
Social lending continues its momentum
Read full story...

SECURITY
Stephen Wilson
Card-not-present fraud is child's play Read full story...

BEST PRACTICE
Jeremy Barth
What can big banks do to win back business? Read full story...

MARKETING
Sandra Hanchard
Marketers have the ability to target specific audiences
Read full story...

SECURITY
Wayne Neich
Web 2.0 has been good to phishing attackers Read full story...