5 Things Credit Unions Should Know About Social Media

28 February, 2014 (11:11) | Blog | By: admin

5 Things Credit Unions Should Know About Social Media

By Credit Union Journal – http://www.cujournal.com/

Social Media for Banks Credit Unions

Credit unions — and banks — can breathe a little easier about what’s being said about them via social media because the large majority of it is positive.

That is the finding from a study by Social Assurance that analyzed data from more than 3,000 credit union and bank Facebook pages in the last quarter.

“In the third quarter we recorded 1.9 million interactions between financial institutions and the consumers and members they target,” said Ben Pankonin, CEO and co-founder of Social Assurance, which provides social media management services to financial services companies.

Smaller Is Better

The study observed that small CUs fared best.

Smaller institutions had slightly fewer negative comments per capita than large FIs, with those from $100 million to $500 million faring the best. But Pankonin said that’s no reason for the little guys to leverage the finding and suggest their customers and members are a lot happier.

Pankonin suggested smaller institutions generally get fewer comments than large FIs, which avoids falling victim to crowd-psychology — when page visitors see negative comments and jump in with their own problems.

But receiving no negative comments doesn’t guarantee that all is well in your social media exposure. “Big data teaches us that if you are not receiving negative comments that does not necessarily mean the job you are doing is good,” he added.

Smaller is Better

Community Is Key

When it comes to spreading the word about an FI’s community outreach via social media, the small guys win.

Smaller banks and credit unions have the advantage here, said Pankonin, because it’s easier for them to be more closely involved in their communities. Therefore it’s much easier for them to post about their community involvement.

“It’s harder for the big financial institutions to do the same thing because of their footprint,” said Pankonin.

Different Types Of Posts

What are consumers talking about when they post about their bank or credit union on Facebook?

Consumers are chatting about ATMs, debit cards, mobile apps and bill pay, respectively. Whereas, when financial institutions post, they talk about debit, ATM, online banking, and mobile banking, respectively.

“So when banks and credit unions post out, they are not always talking about the same things consumers are commenting on,” said Pankonin. “Too, different language is being used. For example, financial institutions say ‘mobile banking,’ whereas consumers say ‘mobile app.’ So banks and credit unions push out messages but their customers interpret them differently.”

Involve More Staff

Maximizing social media efforts takes more than just managing your credit union’s presence on a website.

Pankonin said efforts should also include community involvement as well as more resources inside the credit union’s walls.

“It’s now about how do I build a relationship using social media. One of the elements financial institutions don’t involve enough in a social media campaign is other people. For example, how do we use loan officers to market a product? How do we use their network? How do you engage other people and solve real problems because the person doing the social media marketing is not usually handling customer service issues.”

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