Web 2.0 for Banking and Insurance industry

15 Oct 2008 - 12:07am
5 years ago
16 replies
1860 reads
Aadesh
2008

Hi,

Nowadays, everyone is moving towards implementing Web2.0.
Banking and Insurance are the sectors who are yet to adopt Web 2.0

Would like to have a discussion on what are the new ways of interaction with
customers for Banking and Insurance industry using Web 2.0 technologies?

Thanks & Regards,
Aadesh

Comments

16 Oct 2008 - 4:32pm
DampeS8N
2008

What do you mean by web 2.0. Because real web 2.0 doesn't make sense
for banking unless you mean... like... shared accounts or
user-structured banking construction...

Both of which are really bad ideas.

Web n.0 is still too buzzy to be really useful. But the best
definition I can find for them are such:

Web 1.0: Users can get content from a service.

Web 2.0: Users can create content for a content provision service
(dating site, digg, flickr, youtube).

Web 3.0: Users can create services using another service. Not yet
finalized, however there are some examples out there. iGoogle
widgets, and to a lesser extent, firefox add-ons.

(projection)Web 4.0: Return to the terminal. Web as platform.
Distributed everything. Always-on ever-connected devices.

(projection)Web 5.0: Brain-interface. Memory-recall search. "Ghost
in the shell" connectedness.

Using this definition, there isn't a place in banking or insurance
for web 2.0. Since banking is personal and 2.0 is about the
de-personalization of content.

Will

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Posted from the new ixda.org
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16 Oct 2008 - 4:59pm
Loren Baxter
2007

I agree with Will, not sure how socially generated content can be used in a
banking scenario. But if you're looking for the coolest banking webapp, go
check out www.mint.com. Their setup process is fantastically easy,
considering the monumental development task it must have been to integrate
accounts from almost any banking institution. I'm impressed with their
design overall, more so than any other banking site I've ever seen.

On Thu, Oct 16, 2008 at 2:32 PM, William Brall <dampee at earthlink.net> wrote:

> What do you mean by web 2.0. Because real web 2.0 doesn't make sense
> for banking unless you mean... like... shared accounts or
> user-structured banking construction...
>
> Both of which are really bad ideas.
>
> Web n.0 is still too buzzy to be really useful. But the best
> definition I can find for them are such:
>
> Web 1.0: Users can get content from a service.
>
> Web 2.0: Users can create content for a content provision service
> (dating site, digg, flickr, youtube).
>
> Web 3.0: Users can create services using another service. Not yet
> finalized, however there are some examples out there. iGoogle
> widgets, and to a lesser extent, firefox add-ons.
>
> (projection)Web 4.0: Return to the terminal. Web as platform.
> Distributed everything. Always-on ever-connected devices.
>
> (projection)Web 5.0: Brain-interface. Memory-recall search. "Ghost
> in the shell" connectedness.
>
>
> Using this definition, there isn't a place in banking or insurance
> for web 2.0. Since banking is personal and 2.0 is about the
> de-personalization of content.
>
>
> Will
>
>
> . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
> Posted from the new ixda.org
> http://www.ixda.org/discuss?post=34445
>
>
> ________________________________________________________________
> Welcome to the Interaction Design Association (IxDA)!
> To post to this list ....... discuss at ixda.org
> Unsubscribe ................ http://www.ixda.org/unsubscribe
> List Guidelines ............ http://www.ixda.org/guidelines
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>

16 Oct 2008 - 3:53pm
Steven Webster
2008

I'd start with a look at www.mint.com and www.wesabe.com

Architectures of participation, and folksonomies, to me, are 2 of the most compelling patterns of interaction for value-add over traditional eBanking services, and Mint and Wesabe are really capturing mindshare with their approach here.

Steven

-----Original Message-----
From: discuss-bounces at lists.interactiondesigners.com [mailto:discuss-bounces at lists.interactiondesigners.com] On Behalf Of Aadesh Mistry
Sent: Wednesday, October 15, 2008 6:08 AM
To: discuss at ixda.org
Subject: [IxDA Discuss] Web 2.0 for Banking and Insurance industry

Hi,

Nowadays, everyone is moving towards implementing Web2.0.
Banking and Insurance are the sectors who are yet to adopt Web 2.0

16 Oct 2008 - 5:04pm
Marc Truitt
2008

Aadesh,

When you talk "web 2.0" do you mean a more interactive experience for
the user? Or do you mean a more social experience for the user?

Marc Truitt

________________________________________________________________
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17 Oct 2008 - 12:57am
Fredrik Matheson
2005

I agree with Lauren – there's so much that the financial industry could do
if it allowed its customers to participate more and do something with their
data.

Examples:

• Prosper: peer to peer banking. http://www.prosper.com/

• Widgets: pay bills more quickly using a widget tied to an account, and
perform authorization at the end of the payment. Since 99% of what we do in
an online bank is pay bills, this is better for the user, since s/he doesn't
have to log in, navigate, etc. on the banks pages

• Share your consumption data anonymously and, as a reward, see how everyone
else is doing financially, both in terms of what they have right now, their
balance over time (visualized well, of course) and their expected savings
rate before retirement, etc.

• Visualize the impact of higher interest rates on your personal finances
and see where you need to cut back

• It's easier to see where you need to cut back, of course, because you and
other bank users have collectively tagged purchases and over time this is
automated

• For expense reports, life could be more pleasant as well. Since most
receipts are time stamped there might be a way to record with voice or text
what the purchase was for, so you can remember all the details later on. You
could take a picture of it as well, and use this to organize your expense
report later on.

• Visually estimate the consequences of borrowing – how much, how soon, with
what savings, etc. I firmly believe that most people don't have money
problems, they have cash flow problems. If you could see when you'd have a
problem with cash flow, you could shore up your finances in time, or avoid a
purchase altogether

• If these services were available on a mobile device, you could easily
enter the cost of a potential purchase and see the cost of different
financing options (credit, savings, mortgage, cash) and short-term/long-term
impact on your finances

• Transfer funds between individuals with your mobile device or via a web
browser, without the 4% cut that PayPal takes.

• Get access to credit ratings for individuals or companies, wherever you
are. You input the dollar amount that they are to pay and they authorize
your lookup; the service replies Accept/Check/Deny for that transaction.
This way, you get the answer you need without snooping into their finances,
they have control over who checks their credit rating and the service itself
doesn't divulge sensitive data to third parties

• Banks have to keep my data secure, but if I want to share it so that we
could do a community study of how people with xyz attributes / work in Q
industry / purchase/use X product/service manage their money. If we wanted
to, we could monitor the economy far faster than any government unit could,
because they have to wait for data to arrive months later, while we could
see it in near real-time.

By letting users manage their own data and making it easy to
share/transform/re-use, we would enable a wide variety of services that are
difficult to construct today. Even if we don't share our data, we could
still benefit: by mapping out cash flow and earning potential on a graph, we
could deal with our finances more intelligently. As I said before, I firmly
believe that a lot of people have money problems because they're not able to
"see" what's happening with their money, much less with their future
earnings.

Internet banking is convenient, but unintelligent. Much gain lies in making
personal finance and banking more useful, more usable and more intelligent.

- Fredrik

17 Oct 2008 - 4:03am
John Gibbard
2008

I can confidently assert that there are major financial institutions
in the UK that are working very hard, and are very close to
delivering much of what is being discussed above ....

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Posted from the new ixda.org
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17 Oct 2008 - 6:29am
John Gibbard
2008

Oh, and if you'd like 10 reasons as to why social media should align
with banking then read this chap's blog ... he works in the
Innovation dept. at Lloyds TSB in the UK:
http://clanglois.blogs.com/internet_banking/2008/09/banking-20-10-g.html

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Posted from the new ixda.org
http://www.ixda.org/discuss?post=34445

17 Oct 2008 - 7:42am
Jef Lippiatt
2008

This is not directly tied to banking or insurance exactly but it is
similar and is what people call web 2.0.

I have been looking into investing more recently and with the state
of things its not a terribly bad time if you think about it. The
issue I was researching was social trading. Not in the sense of
people that just sit online and trade all day, but learning from
trends within community trading and how to gain insight from people
that have been doing it successfully and for a longer period than
myself.

My search led me to only 2 businesses that I could find.
www.tradeking.com and www.zecco.com
Both have communities where you can share tips, you can share an
overview of your portfolio without revealing your sensitive
information. Both seem to have fairly interesting interfaces. The
only main difference between the two I seemed to notice was the
rating each company had from the Better Business Bureau. TradeKing
being more highly rated.

I'd like to get hear what you all have to think about the content
and concepts of those two websites.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Posted from the new ixda.org
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17 Oct 2008 - 8:20am
Guillermo Ermel
2008

> Nowadays, everyone is moving towards implementing Web2.0.
> Banking and Insurance are the sectors who are yet to adopt Web 2.0
>
> Would like to have a discussion on what are the new ways of interaction with
> customers for Banking and Insurance industry using Web 2.0 technologies?
From the perspective of 2.0 = more interactive, I think Banking and
Insurance should try to become usable in 1.0 before attempting 2.0. We
all know 2.0 isn't intrinsically more usable than 1.0, so let's start by
the beginning.

From the perspective of 2.0 = social generated content, there's a lot
to explore, but Banking and Insurance clearly have a long way to go
before that becomes more relevant than basic services like accessing my
account and banking movements without tremendous fuss with passwords.

Best regards,
Guillermo

17 Oct 2008 - 10:31am
Dennis Burns
2008

Also check out Cake Financial.

https://www.cakefinancial.com/

Dennis Burns
http://dennisburns.com

17 Oct 2008 - 12:47am
david grubman
2008

Aadesh,

While this is not strictly banking or Insurance, I think you would find
CakeFinancial (https://www.cakefinancial.com/) to be a company in the
personal finance space that embodies Web 2.0. They have a compelling online
presence with a focus on community. Interesting company.

- david grubman

On Thu, Oct 16, 2008 at 3:04 PM, Truitt, Marc, ITS
<Marc.Truitt at jocogov.org>wrote:

>
> Aadesh,
>
> When you talk "web 2.0" do you mean a more interactive experience for
> the user? Or do you mean a more social experience for the user?
>
> Marc Truitt
>
>
> ________________________________________________________________
> Welcome to the Interaction Design Association (IxDA)!
> To post to this list ....... discuss at ixda.org
> Unsubscribe ................ http://www.ixda.org/unsubscribe
> List Guidelines ............ http://www.ixda.org/guidelines
> List Help .................. http://www.ixda.org/help
> ________________________________________________________________
> Welcome to the Interaction Design Association (IxDA)!
> To post to this list ....... discuss at ixda.org
> Unsubscribe ................ http://www.ixda.org/unsubscribe
> List Guidelines ............ http://www.ixda.org/guidelines
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>

--
david grubman
david.grubman at gmail.com

18 Oct 2008 - 1:35am
david grubman
2008

John,

Fantastic blog recommendation.

- david grubman

On Fri, Oct 17, 2008 at 4:29 AM, John Gibbard <john at smorgasbord-design.co.uk
> wrote:

> Oh, and if you'd like 10 reasons as to why social media should align
> with banking then read this chap's blog ... he works in the
> Innovation dept. at Lloyds TSB in the UK:
> http://clanglois.blogs.com/internet_banking/2008/09/banking-20-10-g.html
>
>
> . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
> Posted from the new ixda.org
> http://www.ixda.org/discuss?post=34445
>
>
> ________________________________________________________________
> Welcome to the Interaction Design Association (IxDA)!
> To post to this list ....... discuss at ixda.org
> Unsubscribe ................ http://www.ixda.org/unsubscribe
> List Guidelines ............ http://www.ixda.org/guidelines
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>

--
david grubman
david.grubman at gmail.com

19 Oct 2008 - 10:10pm
Aadesh
2008

Thanks for the replies guys!

All the online banking systems are more often then not mechanical in
terms of performing the tasks.

A user is given a set of links that he/she can use to perform
tasks....

How can we make it more interactive and more humane and make it an
innovative and interactive experience for the user?

Thanks & Regards,
Aadesh

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Posted from the new ixda.org
http://www.ixda.org/discuss?post=34445

21 Oct 2008 - 4:32am
Aadesh
2008

Exactly Tim!

Users go to bank to manage their money!

How can we enhance this overall experience?

Think about something like setting up your goals for say "I wan to
travel to Paris".
Estimate the travel cost and start saving your money to achieve that goal.

You can also track your goals.....

This way, you are still managing money and also motivating the user to save!

Any thoughts?

Regards,
Aadesh

On Mon, Oct 20, 2008 at 11:31 PM, Tim Wright <sambo.shacklock at gmail.com> wrote:
>
> Hi everyone,
>
> Is it a bad thing that users are only given a set of tasks to perform? If
> their goals are to simply manage their money (as mine are when I go to a
> banks' internet banking site) then we might hinder our users by giving them
> an innovative and interactive experience.
>
> Outside internet banking, however, I do see the use for 2.0 ideas in banks.
> If nothing else, then blogging by the CEO!
>
> Tim
>
> On Mon, Oct 20, 2008 at 4:10 PM, Aadesh <aadesh.mistry at gmail.com> wrote:
>>
>> Thanks for the replies guys!
>>
>> All the online banking systems are more often then not mechanical in
>> terms of performing the tasks.
>>
>> A user is given a set of links that he/she can use to perform
>> tasks....
>>
>> How can we make it more interactive and more humane and make it an
>> innovative and interactive experience for the user?
>>
>>
>> Thanks & Regards,
>> Aadesh
>>
>>
>>
>> . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
>> Posted from the new ixda.org
>> http://www.ixda.org/discuss?post=34445
>>
>>
>> ________________________________________________________________
>> Welcome to the Interaction Design Association (IxDA)!
>> To post to this list ....... discuss at ixda.org
>> Unsubscribe ................ http://www.ixda.org/unsubscribe
>> List Guidelines ............ http://www.ixda.org/guidelines
>> List Help .................. http://www.ixda.org/help
>
>
>
> --
> Kei te kōrero tiki au. Kei te kōrero tiki koe. Ka kōrero tiki tāua. Kōrero
> ai tiki tāua.
>

20 Oct 2008 - 1:01pm
Tim Wright
2008

Hi everyone,

Is it a bad thing that users are only given a set of tasks to perform? If
their goals are to simply manage their money (as mine are when I go to a
banks' internet banking site) then we might hinder our users by giving them
an innovative and interactive experience.

Outside internet banking, however, I do see the use for 2.0 ideas in banks.
If nothing else, then blogging by the CEO!

Tim

On Mon, Oct 20, 2008 at 4:10 PM, Aadesh <aadesh.mistry at gmail.com> wrote:

> Thanks for the replies guys!
>
> All the online banking systems are more often then not mechanical in
> terms of performing the tasks.
>
> A user is given a set of links that he/she can use to perform
> tasks....
>
> How can we make it more interactive and more humane and make it an
> innovative and interactive experience for the user?
>
>
> Thanks & Regards,
> Aadesh
>
>
>
> . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
> Posted from the new ixda.org
> http://www.ixda.org/discuss?post=34445
>
>
> ________________________________________________________________
> Welcome to the Interaction Design Association (IxDA)!
> To post to this list ....... discuss at ixda.org
> Unsubscribe ................ http://www.ixda.org/unsubscribe
> List Guidelines ............ http://www.ixda.org/guidelines
> List Help .................. http://www.ixda.org/help
>

--
Kei te kōrero tiki au. Kei te kōrero tiki koe. Ka kōrero tiki tāua. Kōrero
ai tiki tāua.

25 Feb 2009 - 2:27pm
milan
2005

also have a look at enterprise it usage, like the case at dresdner
kleinwort.
this investment bank is heavily using wiki technologies for their
internal knowledge management:

http://harvardbusinessonline.hbsp.harvard.edu/b02/en/common/item_detail.jhtml?id=606074
(paid content unfortunately)

regards
milan
--
milan guenther * interaction design
||| | | |||| || |||||||| | || | ||

+33 6 67 11 13 83 * www.guenther.cx

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