Will "Web 2.0" finally fulfill the potential of the Internet to completely change the way we do business, or is there still a long road to go before we see the promise of the web come to fruition?
Editor's Note: The following are answers to last month's reader questions for The Credit Union Journal's Technology Panel that came in just as that issue was going to press.
Chris Barber, WesCorp, San Dimas, Calif.
"Web 2.0" provides opportunities, but also challenges.
If the business and data models are changing and moving to an ASP or outsourced framework, it creates a need for additional management of data.
For example, if a Web 2.0 company would like to provide a service that requires interaction with nonpublic personal information, the GLBA regulations and risk must be assessed.
With any new or evolving technology, it comes down to risk/reward.
It makes sense to move forward with Web 2.0 initiatives if they enhance the credit union's ability to compete and offer value to the membership.
Steven P. Williams, Cornerstone Financial Advisors
Web 2.0 will open up a lot of new creative ideas for marketing and delivering to members, but it will definitely be evolution vs. revolution.
While other industries are moving very quickly in "mashing" different capabilities brought on by web services, financial institutions have more complex challenges because of regulatory realities and the fact that we don't deal in people's vacation pictures or mp3 music, but with their money!
In addition, web services promises integration, but these efforts will require greater process design skills within credit unions and more productive collaboration with vendors in the market to make real integration happen.
Have A Question For The Technology Panel? E-mail Managing Editor Lisa Freeman at lfreeman
