Web 2.0 technologies are gaining momentum worldwide, penetrating in all industries as enterprise 2.0 applications. Financial services are no exception to this trend. One of the key driving factors behind penetration of Web 2.0 into the financial services sector is the “timely availability of information”. Wells Fargo, Merill Lynch and JP Morgan are developing their next generation technologies using Web 2.0 components; components that will be used in banking software, trading portals and other peripheral services. The true advantage of RSS components is to push information to the end user rather than pull it from the Internet. The financial industry estimates that 95% of information exists in non-RSS formats and could become a key strategic advantage if it can be converted into RSS format. Wells Fargo has already implemented systems on the ground and these have started to yield benefits. Financial services are tuning into Web 2.0 but are simultaneously exposing their systems to next generation threats such as Cross site Scripting (XSS), Cross Site Request Forgery (CSRF) and Application interconnection issues due to SOA.
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