We wrote this piece for The Financial Brand, which features some great examples from our clients Trailhead Credit Union, DC Credit Union, Point West Credit Union, and Los Alamos National Bank.
While nearly all companies know they need a social media presence, many banks and credit unions have not embraced social media enthusiastically. Consider, as a benchmark, that Twitter launched in mid-2006, over a decade ago. Yet, on average, community financial institutions have been active on social media for just under three years, according to research by Kasasa.
Many have — reluctantly — set up social profiles because they don’t want to appear to lag behind their competitors or because consumers expect to find them on social channels. Yet many of these same institutions don’t feel they are leveraging social media channels effectively, nor are they sure about the ROI of social, period.
When they become at all active, many banks and credit unions merely use social media to push promotions, which tends to result in very little consumer engagement. That’s because social media is all about connection.