The Financial services industry is one of the slowest industries around in adopting new technologies for new business strategies. Banks are notorious for being slow to adopt and implement anything in the Web 2.0 world of ours. But the people at the top are aware of the changes that have happened in the Internet world, and they are trying to come up with ways to take advantage of Web 2.0 methodologists to gain competitive advantage over their competitors.

Companies such as Chase, Advanta, American Express, and Bank of America have all tried their hands in the Web 2.0 world. Chase has been associated with FaceBook. Advanta has the ideablob, and American Express has the Open community. But none of these companies has really come up with a Web 2.0 business strategy that really works. After studying banks and working for one for a while, I can tell you that when it comes to innovating, banks rather throw money at problems than actually formulating a business strategy that actually makes money. What we end up having at the end is a Web 2.0 strategy that costs so much and does not bring a penny. Sounds familiar? You shouldn’t have to look far!