In just over a decade, social media has transformed the way we communicate, the way we shop, and the way we elect our politicians, to list just a few examples.
“Social communication has removed the middleman,” says Erik Qualman, a best-selling author who has been a keynote speaker at several CUNA Council conferences. “It’s created word of mouth on digital steroids.”
That phrase is Qualman’s definition of “Socialnomics,” which is also the title of a best-selling book he authored.
It’s for anyone who wants to understand the implications of social media in our daily lives and how businesses can harness the power of social media to increase sales, cut marketing costs, and reach consumers directly.
Qualman says credit unions are well-positioned for the age of Socialnomics.
“Credit unions are set up nicely to serve the millennial generation and Gen Z,” he says. “Those groups want to give back to the community. They look beyond the almighty dollar when they consider doing business with a company.
Listen to a CUNA News Podcast episode with Erik Qualman.
“Credit unions give back to their local communities, and they can tell that story through social media.”
Qualman says the one constant through digital transformation is human nature.
“That’s huge for credit unions because relationships are based on human nature,” he says. “Credit unions understand relationships better than most businesses.”
Being a digital leader today means being empathetic, Qualman says.
“That means you understand your members' pain points and what they’re trying to solve,” he says. “Empathy leads to innovation.”
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
