A Web 2.0 Bank?

Web 2.0 tools and ideas have been instrumental in changing the internet over the past 10+ years. This is undeniable. But there are other areas of the internet outside of social media where Web 2.0 tools and ideas have simply never penetrated. Some people are recently asking, “Why is that?”.

One of those people is a man named Simon Redfern, the CEO of a Technology Solutions firm in Europe. He has recently proposed an idea to turn Web 2.0 tools and ideas loose on banks and banking. Yes, you read that right: banks.

In a new article on TheNextWeb, Paul Sawers reports that Redfern is looking to “bring some financial transparency to organizations’ activities, courtesy of open source Web 2.0 tools.” That means that Redfern wants to use an API designed to bring more transparency to banking transactions and accounts, especially those heavily involved in charity or public activities.

Imagine being able to see all of the transactions a charity organization makes with donated money with a few clicks of the mouse. Of course, privacy and varying levels of access will be implemented to keep information safe. The main point is to provide more transparency and ease of access to data when it comes to banking, something which has traditionally been very closed to the public.

Ten years ago, not many people could have thought that it would be possible, or even worthwhile to apply Web 2.0 tools and ideas to the banking industry, but this might turn out to be a very interesting innovation. After all, one of the main premises and guiding philosophies of the internet and its development is being open source and providing as much access to information as possible.

This idea certainly has some creative potential as its still in its early stages. There’s no telling what could develop from it though. It will be interesting to keep an eye on it.

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