IBM is teaming with Spain's Banco Sabadell to develop and produce Web 2.0 applications designed specifically for the financial services sector.
The two parties have signed an agreement to establish an "innovation task force" which will be staffed with employees from both organisations.
The task force will work on adapting Web 2.0 technologies - ranging from social networking software, Internet collaboration, blogs, RSS feeds, podcasts and Web services - for use by the financial services industry.
IBM and Banco Sabadell say the collaboration will help to accelerate application development, create products for different devices and make access to Web 2.0 technologies simpler and easier.
"Banks are looking for new ways to improve the customer experience by providing broader access to products and services through multiple channels including Web 2.0," says Francisco Molina, financial sector partner, IBM Global Business Services.
"This innovation initiative in cooperation with IBM will allow both companies to develop solutions which will transform the way financial services are traditionally used," adds Miguel Montes, operations and technology general director, Banco Sabadell.
Last year research group Gartner said banks should use Web 2.0 applications - such as wikis, podcasts and blogs - to create non-traditional distribution channels by dealing with customers one-to-one and for cross-enterprise collaboration.
But a UK study earlier this year by IT specialist Conchango found that fears over brand damage are deterring retail banks and building societies from implementing Web 2.0 applications.