MADISON, Wis. (3/25/14)--Advocacy and crisis communications are two areas where credit unions use social media to their advantage--a strong contrast to the "annoying, boring or unhelpful" messages perceived by many consumers.
According to a recent survey by Carlisle and Gallagher Consulting Group, 87% of consumers said banks' use of social media was "annoying, boring or unhelpful," and more than half said it was ineffective.
Credit unions, however, have seen great success with the "Don't Tax My Credit Union" and #DontTaxTuesday campaign which generated more than 1.3 million messages and garnered a Grassroots Innovation Award from the Public Affairs Council.
In the April issue of Credit Union Magazine, credit unions share (pun intended) their stories of how their Facebook pages keep members informed during emergencies and how social media improves member service.
Service is a key indicator of social media. One-third of the respondents to the Carlisle and Gallagher survey said they would use social media to complain about service, and their platform of choice is Facebook.
Credit unions need to monitor all social media channels 24/7. "If we respond immediately--whether it's positive, negative or neutral--we're creating a positive member experience," digital marketing specialist Andrea Finn, Royal CU, Eau Claire, Wis., told Credit Union Magazine.
"In today's world of instant gratification, customer demands will continue to increase, and it is the financial institution's responsibility to anticipate and plan for the demand," said Carlisle and Gallagher's Patricia Sahm. Social media enables intimate yet public conversations between consumers and their financial institutions, she added.