PALO ALTO, Calif.-As consumers become more disconnected from branches, Addison Avenue FCU is increasingly leveraging several different social media, including Twitter, Facebook and customized forums on its own website to help members with money management.
The $2.4-billion institution relied on Twitter to jump start its "
Followers were encouraged to use the hashtag #bankintervention when describing their "big bank sob stories" over Twitter, said SVP-eCommerce Stu Fisher, with several story writers winning small prizes.
Twitter has become Addison Avenue FCU's central focus in blasting short, quick and pertinent educational messages to members; much different than the in-house financial education programs many CUs utilize.
With so much "noise" both online and elsewhere, Fisher suggested the best way for credit unions to educate their members is to do so in a way that is "not obtrusive" and can be digested as quickly as possible.
Credit Card Rates a Hot Button
"One of the Twitter posts for us that got the most views was when we just posted a link to an article that talked about Wells Fargo raising its credit card rates," Fisher said. "It's as much about sharing news and info as it is about a traditional form of education. You don't bombard people-you don't have 20 posts a day. You keep the stream from becoming overwhelming. Content is king. You have to have good content that is valuable and relevant."
Facebook Provides Interactivity
The credit union's Facebook page provides for additional interactivity and is an area Fisher plans to develop over time, but for now the real conversation takes place in the Addison Avenue Groups on the credit union's website.
The site is host to discussion forums for the members and by the members where they create topics, join existing discussions and drive most of the content. Topics include "everything from how to pay off your credit cards, to establishing a budget, to 'frugal foodies' who want to eat well but not spend all of their money on it," Fisher explained.
Addison Avenue FCU employees do participate in the discussion in an official capacity in a forum called "Make Addison Avenue Better," where they receive real-time feedback from members as to how they can improve products and services and discover what members want to know more about. Fisher sees this aspect of social media as being one of the most important, and cost effective, as the direct lines of communication between members and institution dispense with the need for surveys and focus groups.
Some employees also engage in other discussions not relevant to the credit union in an unofficial capacity, but Fisher sees little danger in giving up control over where the conversation leads and who dispenses the advice.
"That insight doesn't have to be owned or created by us, but what we should do is function as a clearinghouse of insight on the financial sector," Fisher commented.
