Celent, a Boston-based financial research and consulting firm, fills the gap between consumer expectations and bank delivery establishing new report Web 2.0 and Retail Banking: Less Hype Equals Opportunity.
Celent defines Web 2.0 as the tipping point in the evolution of the Internet, where consumer behavior and activity and their enabling technology emphasize the user experience and capabilities as engaging, interactive, and collaborative. Web 2.0 might simply be characterized as “the dynamic Internet” or “the interactive Internet.”
According to report Web 2.0 keeps a real bunch of untapped opportunities which banks could reveal if they realized that Web 2.0 is not a specific technology, a shift in consumer behavior (largely online). If they could create a roadmap to transition the bank’s products, services, and marketing and sales methodologies to answer a rapidly evolving consumer populations need. Celent also states some additional points.
The experiential side of Web 2.0 presumes information transparency and richness as well as collaboration. It will impact system design and system integration. The shift in design patterns and methodologies will benefit the end consumer and internal bank staff, and in time will help the bank deliver new products and services faster and at a lower cost (based on the increasing share of standards-based development).
So, nowaday business can solve abused issue called Web 2.0 just by the change in strategy.
L.D.