WEB 2.0 TECHNOLOGY IN BANKING INDUSTRY: OPPORTUNITIES AND CHALLENGES

Web 2 technology in banking is the wave of the future. It provides enormous benefits to Banks and consumers in terms of the ease and cost of transactions. Across the world, Banking industry is rolling out a broad array of initiatives that place bold bets on web 2.0 technologies including wikis, blogs, mobile apps, and social media , which they expect will fundamentally change how they attract and retain customers. Web 2.0 is the next step in the evolution of the Internet and While banks may take comfort in their incumbent advantage, technologically-enabled non-bank challengers have been ramping up their capabilities in a significantly faster pace and are notably stronger today, challenging the privileged access and relationships traditional transaction banks currently enjoy with their customers .