Secure Enterprise 2.0 Blog

What does your bank have in common with Facebook? Nothing spectacular just yet, but if the latest analyst report from Celent is right on the money, then you will soon be able to pay that credit card bill or get a loan while chatting things up with your Facebook friends or checking out sports news on iGoogle.

That’s right, Web 2.0 is coming to your local bank, which makes a lot of sense for both banks and customers. Ever since the explosion of online retail banking, the market has been saturated with similar limited-capabilities websites. So much so, that there is really not much differentiation between the different websites out there.

Meanwhile, customers want full control of their personal finances - to be able to access account information when, how and wherever they want to.

And so, as banks try to find meaningful ways to engage customers, tools such as an iGoogle or MyYahoo personal banking gadget will soon be available at your fingertips.

In fact, financial research firm Celent has recently issued a report on the state of Banking with Web 2.0, reaching some very interesting conclusions -

• 12-18 months before Web 2.0 Banking is reality - banks are already trying to figure out the right technology to offer these tools to consumers, though there is still much work to be done especially as the banking industry continues to experience a downturn.
• Security is critical - an absolute prerogative for any financial institution implementing a new technology, which often brings with it emerging security issues. One industry forum that’s tackling this problem is the Secure Enterprise 2.0 Forum.
• Advanced banking web 2.0 tools to hit the market in late 2008 - which means that some vendors have already had a head start (shameless self-promotion).

(Get the full report here.)

So if Web 2.0 has anything to do with it, you’ll likely be reaching for your mouse, instead of your wallet, sooner than you know it.

IT and business executives are looking for the real business value behind Web 2.0.  In fact, a recently released Forrester survey of 262 enterprise IT professionals reveals that 63 % expect to see Web 2.0 technologies have a moderate or substantial impact on the business.

So what do tools such as Facebook, iGoogle, secure RSS, desktop gadgets, social bookmarking and tagging and other Web 2.0 services bring to the corporate table?

Simply put, they provide companies with the ability to engage customers, channels and partners where they spend their time online. Customers can manage accounts and transactions on their own personal online turf, customized as they see fit. Business channels and distributors can keep track of upcoming marketing activities and business opportunities by easily and securely tapping into corporate databases. Likewise, partners can exchange business-critical info through secure social networks that are intuitive and rife with new ideas and connections.

The Financial Times just published an interesting piece about the business potential in this approach, penned by WorkLight’s very own David Lavenda. -

Think about it this way – enterprise applications contain information that runs the business, while Web 2.0 tools provide the “looking glass” to see the information that is timely, relevant, and critical for business. The key lies in connecting these two worlds to drive more business, securely.

Read more here.