A new social networking site may prove to be a sting in the tail for banks' internet marketing strategies.

My Bank Tracker has been launched as a comparison website that allows users to comment and review lenders' product offers and services.

The new websites will help "inform and educate in ways that were up until today lacking for traditional institutions such as banks, according to Alex Matjanec, of media & communications at My Bank Tracker.

"We're taking the personalisation and social networking movement a step further by leveraging the power of the internet and of consumers," he added.

It could also prove the downfall of new online marketing campaigns, because users can comment on the products in real-time.

Last week Rhodri Harries, managing director of Kaizo, noted that negative comments on web 2.0 platforms such as social networking sites can drown out positive online marketing for any brand.

Will banks be able to stave off the influence of negative commentary with online marketing?

Online Marketing specialists Business Feet help create value from business websites