Implications of Web 2.0 for Financial Institutions: Be a Driver, Not a Passenger

Abstract

Web 2.0 heralds a new era of communication with a massive increase in information supply and where news, opinion and services flow directly from user to user. Financial institutions can take advantage if they stay abreast of this development. However, any Web 2.0 presence of a financial institution must be authentic and consistent with the institution's brand and corporate culture. To leverage the potential, the need for an immaculate reputation and the right type of brand is becoming ever more important.

Keywords: information- and communication technology, ICT technology, P2P, Web 2.0, banking, blog, virtual worlds, wiki, lending, e-business, e-commerce, B2C-e-commerce, internet, e-payments

JEL Classification: E42, E51, G29, O14, O33