In today’s marketplace, attention has become the ultimate commodity. Gone are the days of traditional media when newspapers, magazines, radio, and even television were at the forefront of gaining customer attention. At little to no cost, social media platforms are the conduit by which products and services are offered and sold to the masses. In order for credit unions to remain relevant and competitive, they must leverage social media to convey the people helping people, member-focused, fintech message that distinguishes them from other financial institutions.
Facebook, Instagram, Twitter, and LinkedIn have revolutionized the way businesses connect with consumers. With billions of users worldwide, these networks offer a vast audience for credit unions to tap into. By utilizing social media effectively, credit unions can gain the attention of potential members who may not be aware of the financial and technological benefits they offer. Currently, Facebook has approximately 3.1 billion users and YouTube, the second largest search engine in the world has 2.7 billion users. Not far behind are What’s App with 2.4 billion and Instagram with 2.35 billion users.
One of the biggest advantages of social media is its ability to facilitate two-way communication. Unlike traditional advertising methods, social media allows credit unions to interact directly with current and potential members. This interaction can build trust and establish a sense of community, which aligns perfectly with the values of credit unions. For example, a credit union can post about a new service, product offering, or community event on Facebook and then engage with members who comment on the post. Consequently, members feel valued and heard, which is something larger for-profit banks may not be interested in doing.
This personalized communication can be especially appealing to young people, who are searching for more than just another financial services institution, desiring to be part of something that makes a difference not just in their lives but in the wellbeing of others. Younger generations, particularly millennials and Gen Zs, spend a significant amount of their time on social media. They are often looking for content on brands and organizations that align with their values. This is an opportunity for credit unions to distinguish themselves from banks. By showcasing the people helping people philosophy, community involvement, financial education, and member-focused services, credit unions can attract young people who might otherwise turn to traditional banks.
For example, Instagram and TikTok are great platforms for credit unions to share visually engaging content via reels that provide financial tips for young adults or that highlight the institution’s community involvement. Twitter could be used for quick and succinct updates and interactions, making it easy to engage with followers in real-time. LinkedIn, on the other hand, can be a place to share more professional content, such as career advice and employee engagement that may even result in recruiting opportunities.
Credit unions can also leverage social media to run targeted campaigns that appeal to younger audiences. An entertaining series of posts or videos explaining the benefits of joining a credit union such as: lower fees, better interest rates, or a focus on signature member service can capture the attention of young people. Moreover, attention grabbing content can highlight the latest digital and mobile banking solutions that the credit union provides. These campaigns can be designed to be shareable, encouraging members and followers to spread the word to their own networks.
“TestiMonies” can also be a powerful and effective strategy to highlight stories of actual members in their peer group who have benefited from the credit union’s services. This not only provides social proof but also actualizes the credibility of the credit union, making it more relatable to potential younger generations. To remain relevant in an attention seeking landscape, credit unions must be proactive in their social media efforts.
This means not only posting regularly, but also staying up to date with trends and adapting to the changing preferences of younger audiences while still maintaining strong credit union values. Whether using Facebook or Instagram features or participating in trending hashtags on Twitter, credit unions need to be where their potential members are.
Content must be fresh, engaging, and current! Blogs should feature new articles and material on at least a monthly basis—minimum. Effective YouTube videos must have an attention-grabbing title, an eye-catching “thumbnail”, and an opening “hook” that captures the viewer’s curiosity and piques their financial services interest.
Leveraging social media offers credit unions an incredible opportunity to connect and gain the attention of not only young people but other age groups. By utilizing these platforms, credit unions can share their message of community support and member-centric financial services with a massive audience. In a world where attention is the ultimate commodity, social media is the key to staying relevant and competitive, ensuring that credit unions continue to thrive across current generations and the ones to come.
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