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In part 1, I gave an overview of core Web 2.0 technologies such as blogs, podcasts, wikis and social networks. Now I'll discuss some examples of how several banks are leveraging some of this new technology to initiate and support deeper relationships with their customers.

Wells Fargo fosters an informal, ongoing dialogue with its customers

Wells Fargo has been experimenting with Web 2.0 technology quite a bit. Bank employees are empowered to use blogs, wikis and RSS to brainstorm ideas and communicate with customers. One of their most popular outward-facing blogs is the Student LoanDown. Wells Fargo is able to participate in more candid conversations with their customers about financing college and managing debt. Steve Ellis, EVP of Wells Fargo's wholesale solutions group says that "A blog is informal - a great way to get away from the corporate thing and let people inside our heads." And vice versa. Wells Fargo is able to use blogs like this as a tool to learn what their customers care about and how best to serve their needs.

Fortis initiated and moderates a social networking site based on the interests and needs of a focused market segment

Fortis has recently launched phase 3 of JoinToGrow.biz, a social networking Web site for entrepreneurs. Members can openly share ideas, questions and struggles with starting a business. They have access to inspirational and educational video interviews of their members where they talk about topics like how they got started, what they’ve learned, how they got financed, what mistakes they made and how they persevered. The site provides networking tools that help entrepreneurs connect with each other based on services, markets, interests and more. Fortis heavily involves the community in developing new tools and making existing tools better.

JoinToGrow.biz is quite popular with its focused market segment. Members are enthusiastic and participative. In the end, Fortis is able to demonstrate their brand’s commitment to entrepreneurs and innovation.

VanCity created and supports a community site around a topics people feel passionate about

VanCity, Canada’s largest credit union, has created ChangeEverything.ca, a site where people simply talk about topics related to “change.” There’s no discussion about financial products or planning or customer service. The discussions and topics that take place are all related to things that really matter to their audience; and that’s “change.”

Just because VanCity keeps a low marketing profile on the site, doesn’t mean that VanCity doesn’t doesn't gain tremendous advantage to improve their products and services. In fact, the credit union finds opportunities to tie their products to what they learn the community cares about. For instance, there's a lot of buzz around environmental issues. VanCity created products with lower rates on loans for hybrid vehicles. They offered a credit card where a portion each sale went to an environmental cause of choice.

William Azaroff, the interactive marketing manager at Vancity, says that the success of ChangeEverything is attributed to the open and honest communication within the community and, paradoxically, because they don’t use this platform to “sell” their products. However, VanCity is taking advantage of the halo effect. The end result is that people feel an affinity and emotional connection to the bank. The bank in turn can learn more about what their customers care about and how best to package and adjust their services to meet their ever changing needs.

Until next time

As you can see, financial institutions are successfully finding creative ways to take advantage of Web 2.0 technology to connect and form more meaningful relationships with their customers. Of course, these banks experienced their share of obstacles when implementing and sustaining their Web 2.0 initiatives. In part 3, I’ll talk about overcoming some of these obstacles: discussing common objections and giving you simple ideas to get started.

Resources There’s a gold mine of information and interviews on Christophe Langlois’ blog, Visual Banking.