Polymer Studios :: Web Consulting

Web 2.0 has been gaining more and more momentum over the last year or so. Web 2.0 involves taking advantage of internet technology for creating, collaborating, communicating and sharing ideas and information. Things like blogs, podcasts, wikis and social networks are helping organizations forge stronger relationships with their customers. But should you use new technology for technology’s sake? Of course not. However, it’s so incredibly easy to get up and running with these core Web 2.0 technologies, there’s no excuse for your organization to not at least test the waters. Banking 2.0 describes how financial institutions are leveraging the strengths of Web 2.0 applications to increase the effectiveness and efficiency of internal communications and to extend their brands further and deeper into the internet community. In this 3 part series, I’ll talk about:

• Part 1: Core technologies. An overview of core Web 2.0 technologies.
• Part 2: Banks leading the charge. Examples of how banks are using Web 2.0 technologies.
• Part 3: Overcoming obstacles. Common objections and simple ideas to get you started.

Core Web 2.0 applications

The following four core Web 2.0 technologies can help businesses form deeper connections with their customers and their employees.

Blogs

A blog (short for Web log) allows an individual or group to post their thoughts on a topic in a dated journal-type format. Readers can create a thread of comments and have a discussion about any specific post topic. Blogs are extremely easy and affordable to implement and there are some very interesting ways to use them:

• Some organizations are using blogs to test new product and service ideas in the marketplace. They capitalize on user feedback and implement the best ideas into the product development cycle. For instance, for a new college savings product, you could talk with parents and students (via a Blog) about their concerns with saving for college, which loan is right for them and how they will manage their spending. This conversation with your customers can spark ideas for new products and services. Or four improving existing ones.
• Blogs are an inexpensive customer service and relationship tool where you can keep customers in the loop about your products and services. It gives you an exceptional platform to address customer concerns and create and keep an ongoing conversation with them. By creating a dialogue with your customers and solving their problems, you’re creating loyal fans.
• Some internal groups are using blogs to keep employees up-to-date on important initiatives and events.

Podcasts

Podcasts (derived from “iPod” and “Broadcast”) are similar to blogs by allowing people to post audio segments about a topic of interest. This audio can be downloaded and is playable on mobile devices such as an iPod, PDA or phone. Your customers and employees can listen to your content anytime they choose.

Focusing on customer needs and choosing a relevant subject are key to creating a popular podcast. For instance, you could create a podcast about financial planning where you could talk about common questions and concerns your customers have about their finances. For an internal audience, you can deliver podcasts of audio briefings and conference calls. Consider a Video Podcasts (or vodcasts) of meetings, conferences and addresses form the CEO that people couldn’t otherwise attend.

Wikis

A wiki is a Web site that leverages user generated content. Anyone with permission can add, edit or delete a topic or page. Wikis are a great egalitarian technology that allows companies to capitalize on their employees shared knowledge and expertise. And best of all, the content is created and managed by the user community.

Internally, wikis can be used for:

• Collaborative document generation for iterative projects
• Keeping workers/colleagues up-to-date on department initiatives, team communications and the status of important projects.
• People can broadcast pressing questions or innovative ideas.

Soon enough, your organization will have a wealth of content, ideas and conversations that can be referenced quickly and updated easily.

Social Networking

Social networking sites like MySpace, LinkedIn, FaceBook and MeetUp connect people online whom have similar interests—either socially or commercially. Social networking is an indispensable way to develop a tight-knit community that wants to share ideas and information and foster new relationships,

Think about creating a social network for a particular segment of your market. For instance, you could create a site dedicated to helping start-up businesses make new connections. Among the trials and tribulations that will surely be discussed, you can bet financing is at the top of the list. By helping these entrepreneurs create new connections that can help their fledgling businesses, you now have a loyal, attentive and dedicated audience.

Until next time

Hopefully I’ve given you a good overview about Web 2.0 technologies like blogs, podcasts, wikis and social networks. More importantly, I hope I’ve given you a few new ideas that can help you form deeper and more meaningful relationships with your customers and employees. In Part 2, I will discuss several examples of banks that are leading the charge with Banking 2.0.

Resources

• Voices in Business: Banking 2.0 podcasts