Robinson+K+1

Robinson, K. (September 1, 2007). Virtual worlds: Another world, another business--people are using avatars to develop businesses and have fun in virtual worlds, such as Second Life. Karina Robinson reports on the growing response from banks and the potential they could tap. //The Banker,// p. NA. Retrieved April 25, 2009 from Gale.

Follows Dutch bank ABN AMRO in their endeavors to create a presence in Second Life, including interviewing potential employees and providing outreach and information to potential clients. Article points out the price difference in both capital and work hours in keeping up a 24/7 website versus keeping an island in SL (SL being much cheaper in both).

The bank created an island (Young Professionals Island) where highly educated 25-35 year olds can network. Inworld services might include everything from interviewing for jobs to how to apply for a first mortgage.

Another bank run island (0031) features areas housing for multiple Dutch organizations and companies.

Another example of a Dutch bank using SL is ING who used it's sponsorship of the Renault Formula I team to create interest in its brand inworld, creating an avatar for former Formula I champion Mikka Hakkinen to introduce the ourvirtualholland island in collaboration with Reijks Museum and others.

"ING says it has learned that it is not good enough 'to build yourself a nice headquarters and wait for people to come round. You really have to offer three things: activities, educational events and a nice environment,' says Mr. van Engelen." p. 3 of article

Wells Fargo set up its own virtual world, Stagecoach Island, after an unsuccessful experience with SL. Their target audience is 18 to 24 year olds who may be interested in their financial products.

The article points out that these banks are trying to find ways to appeal to the up and coming generation of online natives. While those in charge don't know when the big payoff of these types of marketing will occur, they seem confident that it will happen eventually and they want to be ready for it.