Nov 14 2008

Credit Unions and Social Media: Engaging Young Adults

Report  
Number  
175

Social media can provide credit unions with a strong marketing tool to attract and engage young adult members.

Ben Rogers
Managing Director, Research
Report Number 175

Executive Summary

Connecting people online has become big business. Companies, including some credit unions, have captured the popular imagination by allowing users to write their own opinions, film their own antics, or leave very public comments on the Internet. This new trend, called “social media,” has become a powerful marketing tool.

Used correctly, it can help attract young adults to credit unions and endear existing members to your institution. Used incorrectly, it can distract from more effective channels and give the illusion that your credit union is progressive.

What is the research about?

This report look at how credit union can utilize growing social media platforms in order to attract and engage young adult members. Author Ben Rogers examines:

  • Marketing tactics
  • Social media technologies
  • Choosing the right social media platform
  • What metrics to measure

What are the credit union implications?

For credit unions trying to attract and deepen relationships with younger members, the opportunity is clear though not necessarily simple to exploit: Young adults as a whole are far more likely than other online groups to use social media technologies. Credit unions that can insert themselves effectively into the social mix of young adults stand to build more lasting, loyal, and profitable relationships.

This report is sponsored by PSCU Financial Services, the Credit Union Executives Society (CUES), Fiserv, and the Corporate Credit Union Network.