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Mortgage Business, May 2008
The benefits of the Blog
Mortgage businesses may be hesitant about braving the world of blogs and forums, but embracing online networking tools could bring significant benefits – in more ways than one.
"If you think of Web 2.0 as a running track and the Australian financial services sector as a runner, we're not even at the starting blocks; in fact we're still putting on our shoes."
The words of Bryan Inch, managing director of RaboPlus Australia, paint a rather accurate picture of the rate of adoption of Next Generation internet tools by corporate Australia.
Social networking – the use of blogs (web logs) and forums – is a particular aspect of Web 2.0 that many businesses have failed to warm to, particularly those in the mortgage and financial services industry.
RaboPlus is an exception to the rule. As a market newcomer, it took the bold step of launching a corporate blog last year, helping to build its brand as well as providing instant and valuable customer feedback.
"As a new brand in the marketplace, customer feedback is really important," says Mr Inch.
"Our blog enables us to access customers' thoughts and opinions much sooner than any traditional marketing methods would."
The blog is also helping RaboPlus to build its web presence, complementing its brand and helping to build an image of technology-savvy and forward thinking company.
MyRate, another business which is also entirely web-based, has a similar view of the value of blogging: a way to build its brand and better connect with consumers.
"It's becoming mainstream for financial institutions overseas and it's only matter of time before it hits Australia," says Edith Fink, marketing manager at MyRate.
Web 2.0 expert Campbell Dobbin of The ADWEB Agency and Intranet DASHBOARD is a strong advocate of the benefits of blogging, especially for businesses in the mortgage industry.
"Blogs and forums provide a great opportunity for businesses to capture and share knowledge," Mr Dobbin says.
"People usually keep knowledge in their heads or on their desks, but blogs and forums enable them to share it."
If blogs and forums offer such potential then it's fair to ask: why are mortgage businesses not jumping on board?
"It's the conservative nature of Australian business", says Mr Dobbin, adding that this is not necessarily a bad thing.
Softly, softly, catchy monkey
The upside of Aussie businesses being slow to embrace blogs and forums is that it will give them breathing space to learn from the mistakes and successes of the US and UK, where technology is usually several years ahead. It will also give them time to build up their internal capability so they are ready to make the leap when the time is right.
"Many businesses in the mortgage industry have experienced incredible spurts of growth and don't have well developed internal structure that other more slowly growing businesses do," Mr Dobbin says. In the long run though, Mr Dobbin believes they will come to see the benefits of Next Generation internet tools.
"Implementing improved networking abilities can measurably improve communication flows, knowledge sharing and ultimately productivity."
Virgin Money is one business that is treading carefully in the area of online forums.
As a progressive company with a predominantly young, web-savvy customer base, Virgin Money is careful not to be to ‘cool' for the sake of being cool, says Virgin Money's director of product Andrew Russell.
Mr Russell says Virgin Money had no immediate plans for blogging "simply because we need to put it in the right context for our customers".
But while it may make sense for some Australian businesses to adopt a cautious approach, for those in highly competitive sectors such as the mortgage industry, blogging should be firmly on the agenda, says Mr Dobbin.
"It's time for businesses to get involved or face the risk of being left behind the rest of the world," says Mr Dobbin.
"The mortgage industry is currently a very crowded market and any advantage can really make a difference".
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