Financial firms to benefit from Web 2.0

Financial securities firms are set to adopt new Web 2.0 applications to improve collaboration with customers and between employees.

Financial securities firms are set to adopt new Web 2.0 applications to improve collaboration with customers and between employees.

Research from financial analyst TowerGroup projects that leading securities firms will benefit from Web 2.0, along with its offspring Enterprise 2.0, by adopting a variety of new tools and technologies for knowledge management and collaboration, data gathering and distribution, and interactions with clients and business partners.

TowerGroup said forward-thinking securities firms will analyse the potential for tools like blogs and wikis to augment their service and support infrastructure, potentially providing customers with better self-service capabilities.

TowerGroup also believes that opportunity for investment managers exists in applications such as risk and analytics, performance and attribution, and portfolio accounting.

"The most obvious potential for Web 2.0 within securities firms, as well as other business enterprises, is in knowledge management and collaboration," said Matt Nelson, an analyst at TowerGroup.

"Enhancing a company's current data repository tools with a wiki or blogging platform can greatly improve the quality, timeliness, and collective power of the data, as well as reduce corporate e-mail volumes, improve customer satisfaction and retention rates, and improve time to market with new products,” said Nelson.

TowerGroup said investment research, information distribution, client interaction, and business partner interaction could also benefit from Web 2.0.

Financial spending at a trickle

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