Is Web 2.0 Really new to Credit Unions?

There is much talk on blogs, at conference and in print media about how web 2.0 is changing how consumers are interacting with companies. It made me think about the past history of credit unions. Before blogs, email and other technology the history of credit unions, the very existence of credit unions was built on listening to individual needs or defined communities' meets and solving their problems. Somewhere in time all credit unions have lost that philosophy and ability to react. Sometimes technology is really getting in the way and other times technology is not being utilized to capture that consumer sentiment appropriately.

Outside innovation or member designed solutions shouldn't be new to credit unions. We should be embracing and utilizing the Web 2.0 capabilities because they are an extension of what the foundation of credit unions were built upon. Sure the scope is wider, the community characteristics are different but our reaction shouldn't be any different now that it was in the past.

The talk of the web 2.0 bubble, whether you believe it or not, shouldn't impact the positive outcomes a credit union could reap from being more involved in web 2.0 member facing initiatives. The "power of the people" feel of web 2.0 should resonate with credit unions even if companies trying to reap profits from web 2.0 business models fail.