By Georgann Smith
Comprehensive marketing strategies include a social media component. In today’s world of increasing consumer connectivity, this is a bit of a given for credit unions wishing to remain competitive. The true test for credit unions, however, may be in their ability to take social media to the next level—an integrated level.
Gone are the days when consumers simply expected to use social media to communicate and connect with their network. Now, platforms such as Facebook and Snapchat are offering wider capabilities, including person-to-person payments, Uber ordering and more. By presenting a broader range of services, social media platforms further imbed themselves in consumers’ lives.
To leverage the power of social media beyond its use as a marketing tool, credit unions should consider integrating social media into their digital offerings. A few options for doing so include:
- Linking members’ accounts to their social media accounts. American Express has had great success allowing consumers to connect their card accounts with their social media profiles with its Card Sync initiative. This technology lets consumers make purchases with Twitter hashtags, combine their TripAdvisor reviews with transactions and receive personalized offers based on ‘likes’ and ‘check-ins.’
- Streamlining login processes. Pockets, a mobile app created by an Indian financial services company, gives consumers the option to log into their online bank account by using Facebook credentials. This simplifies consumers’ login processes, giving them one fewer password to remember.
- Enabling banking services through social media. For one Turkish bank, social media serves as an additional branch location. Consumers can perform money transfers, monitor their card accounts and communicate with their bank, all through their Facebook accounts. Some financial institutions are even starting to use social media to credit rate loan applications.
Before implementing any or all of the suggested tactics above, credit unions should ensure they’re compliant with industry regulations. In-house compliance teams should also be able to provide assistance.
By integrating their digital offerings with social media, credit unions can further increase their marketability. The merging of consumers’ social lives with their financial lives presents added convenience and functionality. Credit unions looking to remain competitive would do well to consider bringing in social media to create the ultimate seamless consumer experience.
Georgann Smith is VP-Marketing with The Members Group, Des Moines, Iowa