The Bankwatch

Tracking the consumer evolution of financial services

Enterprise 2.0 – current state of use of web 2.0 tools in Banks and Credit Unions

Don puts a positive spin on the McKinsey and other articles regarding Enterprise 2.0, which we covered here … roughly defined (my definition) as the transformation of Enterprise technologies to accommodate Employee to Employee, Customer to Customer, and Employee to Customer interactions. These changes would bring about increased “collective intelligence” than exists today.

Don is rightly looking at all firms … I was focussed on the fact that Banks lag, and will continue that theme below.

The numbers McKinsey provides from actual business leaders seems to indicate that broad, active interest in collective intelligence is rapidly forming in the offices of many company’s CIOs, CTOs, and other executives. McKinsey cites that fully 48% of the nearly 3,000 leading executives surveyed are actively investing in collective intelligence approaches.

What makes this interesting is that this number is a good bit more than executives are currently reporting that they are investing in other well known Web 2.0 approaches including social networking, RSS, podcasting, and even wikis and blogs, which come in about 1/3 lower in overall interest. In fact, out of all the Web 2.0 trends surveyed, only Web services has a bigger footprint than collective intelligence in terms of current investment. This strongly suggests some kind of sea change in business thinking since last year.

Source: » More results on use of Web 2.0 in business emerge | Enterprise Web 2.0 |

I really liked this diagram which I think Don created.  It very nicely aligns web 2.0 tools, with consumption (internal/ external) and production (central/ peer).

My interpretation:

The vertical axis increasingly allows material produced by the firm to be interacted with external stakeholders.  I would place Blogs above podcasts, but that’s minor.

The horizontal axis increasingly allows material to be created by external stakeholders, and interacted with by employees.

Some examples:

These are just a set of quick examples to illustrate where Banks and Credit Unions sit today relative to Don’s diagram above.


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UPDATE: Thumbnails added temporarily:



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Written by Colin Henderson

April 10, 2007 at 15:53

3 Responses

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  1. Note – diagrams have not displayed yet … thats frustrating, and I am waiting for the host.


    April 10, 2007 at 16:16

  2. I have researched this stuff to my upcoming book to Finland (Finnish publisher) and having been in the software business for the past 20 years, this is really taking off in different verticals and I have to say that many CIO’s are being ignorant of what users in these organizations really want… I believe Forresters reports showed this. Old fashioned, inflexible systems won’t fly anymore and organizations have to get adjusted to this.

    Dr. Petri I. Salonen

    April 10, 2007 at 18:23

  3. Thx Dr Salonen. Looking forward to seeing more about that book.


    April 10, 2007 at 20:59

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