Web 2.0

Web 2.0 tools have the potential to deliver competitive advantages for banks by making their websites and services more responsive, compelling and effective for customers, partners and employees. However, some banks may be hesitant to adopt Web 2.0 due to lack of experience and an unwillingness to change. While internal collaboration tools like wikis and blogs show promise, cultural resistance and concerns over intellectual property may hinder adoption of these tools. Security, privacy and legal issues with user-contributed data also need to be addressed for banks to successfully implement Web 2.0 strategies.