Comments on: Conchango suggests brand damage is Bank’s fear of Web 2.0 http://thebankwatch.com/2007/02/23/conchango-suggests-brand-damage-is-banks-fear-of-web-20/ Tracking the evolution of financial institutions Wed, 15 Feb 2012 16:44:07 +0000 hourly 1 http://wordpress.com/ By: James Gardner http://thebankwatch.com/2007/02/23/conchango-suggests-brand-damage-is-banks-fear-of-web-20/#comment-7458 Mon, 26 Feb 2007 07:13:11 +0000 http://bankwatch.wordpress.com/2007/02/23/conchango-suggests-brand-damage-is-banks-fear-of-web-20/#comment-7458 Recently, I suggested to a major European bank that they consider allowing user-generated content in their channels. Firstly, there was a gasp of disbelief at the suggestion from all the marketing people. Naturally, they were having brain-explosions about having people write things not under their control that would none-the-less influence their perception in the market. But then I pointed out that people are writing stuff *anyway*, so why not have it in their channels? They got this, after a moment of thought.

I think the moral of the story is that rational bank marketers, once they get through their initial horror, are well able to move forward to Web 2.0, but they might need some pushing to do it.

]]> By: Colin http://thebankwatch.com/2007/02/23/conchango-suggests-brand-damage-is-banks-fear-of-web-20/#comment-7457 Mon, 26 Feb 2007 01:09:06 +0000 http://bankwatch.wordpress.com/2007/02/23/conchango-suggests-brand-damage-is-banks-fear-of-web-20/#comment-7457 Fair comment Benry … but the key difference is that the CU movement is obviously more willing to address the concern head on, than the Banks.

]]> By: benry http://thebankwatch.com/2007/02/23/conchango-suggests-brand-damage-is-banks-fear-of-web-20/#comment-7455 Mon, 26 Feb 2007 00:01:48 +0000 http://bankwatch.wordpress.com/2007/02/23/conchango-suggests-brand-damage-is-banks-fear-of-web-20/#comment-7455 Without a doubt that is their fear, but it is unjustified. It’s not just a bank fear but also one in the Credit Union side of the biz.

]]> By: rshevlin http://thebankwatch.com/2007/02/23/conchango-suggests-brand-damage-is-banks-fear-of-web-20/#comment-7453 Sun, 25 Feb 2007 15:46:59 +0000 http://bankwatch.wordpress.com/2007/02/23/conchango-suggests-brand-damage-is-banks-fear-of-web-20/#comment-7453 you know… I’ve REALLY got to start reading more carefully. When I first looked at this post, I thought it said “Conchango suggests brain damage is Bank’s fear of Web 2.0″. :)

]]> By: Colin http://thebankwatch.com/2007/02/23/conchango-suggests-brand-damage-is-banks-fear-of-web-20/#comment-7447 Fri, 23 Feb 2007 23:03:05 +0000 http://bankwatch.wordpress.com/2007/02/23/conchango-suggests-brand-damage-is-banks-fear-of-web-20/#comment-7447 I am inclined to agree with you both. PR damage is the reason provided, but the real reason is internal politics. Once you divest some control to customers, there is no job for middle management, especially marketing, as those jobs are defined today. So of course they will resist, and what better way than to convince the CEO that the brand would suffer.

]]> By: Heath Stanley http://thebankwatch.com/2007/02/23/conchango-suggests-brand-damage-is-banks-fear-of-web-20/#comment-7446 Fri, 23 Feb 2007 23:00:03 +0000 http://bankwatch.wordpress.com/2007/02/23/conchango-suggests-brand-damage-is-banks-fear-of-web-20/#comment-7446 I don’t really see what there is to be scared of. Have you ever heard of any bank that has had a loss of reputation due to using Web 2.0? I don’t think banks are scared as much as don’t want to or see the value in putting the time, effort and resources to blog, post videos, update the wiki, etc. Most people at community banks wear so many hats that they already don’t have enough time to do their everyday work. Look for social media consulting firms to start pushing for banking business real soon.

]]> By: jason knight http://thebankwatch.com/2007/02/23/conchango-suggests-brand-damage-is-banks-fear-of-web-20/#comment-7445 Fri, 23 Feb 2007 19:38:25 +0000 http://bankwatch.wordpress.com/2007/02/23/conchango-suggests-brand-damage-is-banks-fear-of-web-20/#comment-7445 It is ironic that the lack of Web 2.0 features is what will really hurt the brand.

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