Last month, we looked briefly at the Web 2.0 phenomena, a trendy label for second-generation websites often built around user-generated content such as photo sharing, blogging with comments, and video. While there is no precise definition, there are a number of communication techniques, design guidelines, and attitudes shared by successful Web 2.0 companies (see report for details).
But how much of the Web 2.0 discussion applies to banks and credit unions? Do we need a Bank 2.0? Or is this just another design fad, like shag carpet, that can be ignored? Could we be witnessing a fundamental shift in consumer behavior that requires new investment?
The answer depends on which Web 2.0 tactic you are looking at. See inside the report for our recommended toolkit for adding Web 2.0 features and benefits to your financial institution website.
One tool that is impossible to overlook is the blog. Because blogs are relatively inexpensive – in fact, you may be able to reduce your Web development expense with them – they are no longer optional. You might as well get started now while you can still be the first bank on the block with a blog (see inside the report for our advice on building a winning banking blog).
A related tool, perhaps even more powerful, is the RSS/XML feed. Some experts believe feeds will do to email what email did to faxing. See inside the report for our recommendations on harnessing feeds for your corporate and customer communications.