Credit unions should go ‘all-in’ with social media

by. Georgann Smith

A recent consumer survey provides some eye-opening statistics that can be viewed as an opportunity for financial institutions (FIs) to improve their social media strategy. In short, 87 percent of those surveyed feel their FI’s use of social media is ineffective.

Interestingly, the survey, conducted by consulting firm Carlisle & Gallagher, indicates privacy seems to be at the root of the majority of respondents’ negativity toward their FIs’ social media efforts. Sixty-eight percent say they would never turn to social media to discuss an issue with their FI, while 90 percent say they would rather discuss such issues privately.

Even so, the study finds more than 30 percent of consumers would turn to social media to complain. When complaints do arise, it’s essential to address them in a timely manner. The importance of doing so is reflected in a recent Edison Research report stating that 42 percent of consumers who contact companies for customer service via social media expected responses within 60 minutes, no matter what day or time they initiate the contact.

“If we respond immediately — whether it’s positive, negative or neutral — we’re creating a positive member experience,” said Andrea Finn, digital marketing specialist for Royal Credit Union in Eau Claire, Wis., in a recent Credit Union Magazine article.

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