News & Views - Savantor

Technology initiatives driving online banking acceptance

Friday, 15 August 2008

In 2006 Gartner called on financial services firms to use Web 2.0 applications such as wikis, podcasts and blogs in order to improve cross-enterprise collaboration and deliver personalised information to clients. But research conducted last year found fears over brand damage are preventing the UK's major retail banks and building societies from implementing Web 2.0 applications.

Now we find that around half of Facebook users would use Web 2.0 applications for online banking, while more significantly 25% would consider switching banks to obtain Web 2.0 services. This survey by Worklight reveals 55% of men would consider managing personal finances with Web 2.0, compared to 45% of women. Meanwhile 53% of 25 to 34 year olds are open to the idea, compared to 45% of 18 to 24 year olds. The older age group is also more likely to switch banks for Web 2.0 gadgets than 18 to 24 year olds.

Customers can now find out which bank they may want to switch to by using a new bank comparison Web site that enables consumers to post reviews and recommendations on a range of personal banking products and services. In addition to providing bank account and rate information that is updated in real time, the My Bank Tracker site enables registered users to post reviews and recommendations on banks and services via a social networking interface. Mortgages, credit card and a SMS-based rate alert system will be added to the site over the next few months. Maybe it’s time for a rethink on Web 2.0

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