A recent Financial Insights report finds that more financial institutions are investing in becoming more visible and accessible to their clients and consumers in general.

According to the report, early indicators of a growing trend are how financial institutions have started to incorporate Web 2.0 strategy via internal collaboration communities, external blogging and online portals incorporating rich internet applications.

The report also finds that internal and external blogging, which provides banks with a tool they can use to quickly communicate with stakeholders and discuss controversial topics will be on the rise. In addition, financial institutions that are successful with external social networking will first introduce internal networks to foster collaboration, communicate policies and procedures and develop an internal culture that is ready for more open external communications. With regard to RIAs, predictions are that financial institutions will use them to enhance the online banking experience from creating sites that target specific demographics and increasing self-service, to integrating financial planning tools.

When it comes to making the most of Web 2.0 opportunities planning and preparation goes a long way. According to the report, financial institutions should develop or identify experts within the organization who can lead social networking; effectively communicate internally about employee roles and responsibilities in terms of networking; look for opportunities to upgrade consumer-facing Web sites using RIA to enrich the experience and increase consumer satisfaction; and develop a social media strategy to effectively address negative opinions/comments without the appearance of censorship.

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