Online banking users call for Web 2.0

Customers want social networking tools in online banking

Consumers are demanding secure Web 2.0 functionality to support their online banking experience, according to research.

A survey of 1,000 Facebook users found that one in four consumers would consider leaving their bank to be able to obtain online banking enhanced with Web 2.0 tools.

And 48 per cent of those polled said they would use tools such as social networks, personalised homepages, RSS feeds and desktop widgets if their banks offered them alongside internet banking.

According to the research, the 25-34 year-old age bracket seemed more open to the idea of using Web 2.0 in banking, with 53 per cent saying they would take advantage of the service, compared with 45 per cent of 18-24 year olds.

And 33 per cent of the 25-34 year-olds interviewed are more likely to move to a bank that offered Web 2.0-enhanced online banking than 18-24 year olds (21 per cent).

The survey was carried out by supplier WorkLight.