The Story Isn’t About Widgets

The blog reported yesterday that:

Research released by WorkLight indicates a strong desire for Web 2.0 banking tools among customers. The survey revealed that a staggering 1 in 4 Facebook users would consider leaving their bank to be able to obtain online banking through Web 2.0 gadgets.”

My take: First of all, let’s put this in some perspective. According to Forrester about 5.5% of adults use Facebook on at least a weekly basis. Twenty-five percent of that 5.5% leaves us with 1% of the population who would, reportedly, “consider” leaving their bank for Web 2.0 banking tools. Oooooh!

The story, however, isn’t about widgets (or gadgets, or whatever). How many times have you seen research that shows that consumers would leave their banks for better security, or account aggregation, or mobile banking, or whatever, you fill in the blank?

That’s the story — that consumers would even consider leaving their bank.

Let me ask the Apple fanboys out there a question: How many of you would consider giving up your Apple products if some other company came along with similar products at a lower price?

Just as I suspected: None of you.

Why not? Because Apple has done a great job of building a loyal set of customers that transcends individual products and features. With the exception of USAA, there aren’t many (if any) banks that have done the same.

So go ahead, bankers, and build that Facebook widget for to steal your competitors’ customers. My bet: If they’ll jump ship for a widget, how long are they going to stay with your bank?

Technorati Tags: Banking, Web 2.0,, WorkLight

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