|
Financial Service Providers discover Web 2.0
Participate and profit
The industry is approaching the subject of Web 2.0 rather hesitantly and in doing so, avoid damaging their image but are unable to anticipate internet users" communication behaviour. Companies do however want to profit from the social network trend in the medium to long term. According to Gartner Research, three quarters of all Financial Service Providers will offer chat rooms, forums and similar "participatory web" services by 2012.
In any case, the power of communication lies largely in the hands of internet users. There are over 70 million blogs worldwide and Wikipedia"s database grows by around 8,000 articles every day. Companies that want to profit from Web 2.0 should think about appropriate technology. The real challenge, however, will be in changing corporate culture: Chat rooms, forums and blogs only work when the organisation truly "lives" them because of their strong emotional component.
Very clear limits must be set here for employees with regards to compliance, as consultancy liability applies when chatting to customers. This can arise if a customer experiences financial loss through negligent advice, for example. Online banks took the introduction of Web 2.0 in their stride, as their marketing and sales structures have always been oriented towards the internet. Now, institutions with a local presence are also testing the efficiency of dialogue-oriented online services.
Example: Consumer credit
The ability to measure success on the internet is limited, as the source of a buying impulse is often lost in cyberspace. Direct linking to an online offer can prove useful here. Some banks offer consumer credit over the internet, where the system makes a decision about an online application instantly and automatically. Web 2.0 services could support this high-volume business in future.
A popular tool to explain the terms and conditions of a loan in greater detail is a video or podcast. The application form is then only a click away. RSS feeds are also popular with banks. These news channels inform subscribers in a much more targeted manner than e-mail newsletters and can also be realised cost-effectively.
Banks are still reluctant to use chat rooms, forums and blogs. This is not only because of consultancy liability, but also because of the risk of undesired contributions to discussions. Whoever can accept this will be able to profit from a growing audience. Blogs are often linked to other blogs, which is how relationship networks are created.
Web 2.0 strategies are targeted at end customers, sales partners and employees, who can be better integrated in a company through virtual social networks. These also enable new products, services and strategies to take root in hearts and minds more easily. Many companies first test the possibilities offered by Web 2.0 internally before going public with them.
In general, acceptance of individual services increases with the relevance of the content. Pure advertising is not wanted. And users appreciate it when their opinion is taken seriously. In this way, Financial Service Providers can incorporate and give feedback about suggestions in a direct manner.
<- Back to: Topics
|
