From left: Chris Chippindale, VP, Ent FCU, Colorado Springs, Michael Sullivan, EVP/CIO, McGrew Hill Employees FCU, East Windsor, NJ, Gary Vaynerchuk, and Randi Zuckerberg participated in a panel discussion about social media.
"Social media is free like a puppy is free," Randi Zuckerberg, sister of Facebook founder Mark Zuckerberg and CEO of Zuckerberg Media, said. Just creating a Facebook page or a Pinterest board isn't enough, she said. "Social media is a commitment for life."
During her presentation Tuesday afternoon, Zuckerberg highlighted some CUs engaging with their members through fun, unique social media initiatives, such as Firefighters Community CU's Pinterest board for thank you notes members sent them.
During the panel discussion, Vaynerchuk said using social media is a good idea, but it's how an organization uses it that matters. He said CUs have to ask, "Does it actually get people to give you their business?"
Right now Vaynerchuk said the bank brand is terrible, but it's better than it was a few years ago. "If you don't act now you're going to miss a golden opportunity," he said.
"Yes, we need to do more—and we need to focus on doing more—but I don't think we're not doing anything," Chippindale said.
Vaynerchuk said that from a raw data standpoint, the fact that the average CU member is getting older is a "heavy vulnerability."