MyBankSpace

Belgian financial services firm Fortis has made a bold move into the social networking space with the launch of a new Website. The join2grow network is being touted by the bank as a MySpace for entrepreneurs.  

Research house Gartner has suggested that banks should monitor emerging Internet social networks for their potential for partnerships, to offer services within the network, or to create non-traditional distribution channels by dealing with customers one-to-one. 

However, there’s a big difference between setting up shop on Myspace or YouTube, and creating your own network. The freewheeling nature of the social networking channel does not sit easily with the solid brand-image that the big finance houses like to project.

Fortis is pushing all the right Web 2.0 buttons, but in establishing join2grow it’s moving far beyond its traditional business territory.  Attracting the right membership will be a challenge in itself. Managing and monitoring their content will be quite another.