CHICAGO -
But the telling of that story is no longer limited to credit unions-thanks to YouTube, the entire world is now its audience. And Northside Community FCU is hardly alone; search "credit union" at YouTube.com, the site that allows anyone to upload video of everything from a wedding toast to funny (and not so funny) animals to things many folks would rather keep private, and you'll find scores of videos related to credit unions.
The YouTube phenomenon reflects the growing spread of broadband access in everything form homes to cellphones, and is seen as holding such promise as a marketing outlet that Google acquired YouTube from its founders last year for more than $1.6 billion.
Jazz Shows & Giant Glasses
Type the words "credit union" into YouTube's search engine and you will get some 450 links. Most are credit union TV spots and videos; others are produced by associations as tributes or for award ceremonies that go on to live well beyond the night the award is presented. There are also links in which "credit union" shows up in the search for tangential reasons, such as video of monster truck smash ups at the "Credit Union" Centre in Saskatoon, Canada, and footage from the Sacramento Jazz Jubilee sponsored by The Golden 1 Credit Union.
Not all the messages are positive, either. There is a video of a protest in support of the ongoing strike by workers at First Ontario Credit Union in Hamilton, Ontario, and another of a man dressed in wig and giant glasses complaining about bank fees before joining Chetco FCU in Oregon.
Credit unions are by no means alone on YouTube; indeed, a search of "bank" brings more than 90,000 choices, although that number is inflated by other definitions of the word.
For Jacob and Northside Community FCU, life in the online video world began in 2006. After speaking at CUNA's Governmental Affairs Conference in Washington and showing a video as part of that presentation, the National Credit Union Foundation asked Jacob if it could upload the video onto YouTube. Jacob told Credit Union Journal that at the time he only knew of the site from his children.
"My kids are always watching it. Let's put it out there. There's no downside. The return is infinite. How many times can you say that?" Jacob asked.
With the surge in popularity of Internet social networking sites such as MySpace.com, FaceBook.com, along with YouTube.com, more credit unions and industry groups are uploading videos, commercials, lobby promos and just about any other type of video. The cost appeals to credit unions-it's free. As Credit Union Journal reported April 30, CUNA, which has been among the CU leaders in using YouTube, posted its "Little Guy" video online. Video commentary from CUNA CEO Dan Mica is also hosted on the site.
CU officials around the nation said they upload video content in order to reach out to the youth market, get ready for the "next best thing" in technology, and to extend the life of marketing and advertising campaigns that would otherwise no longer be aired.
Northside's Jacob said his $7.2-million CU, with only 2,800 members, is too small to go create a standalone campaign targeting the youth market. But if someone stumbles across the payday lending video, learns something new and is spurred to join a credit union, then so much the better for everyone. "It's been interesting. I get calls about it," he said.
In San Jose, Calif., the $302-million Valley CU was featured in a locally produced "Best of the Bay" video that highlighted the credit union as one of the best places to work in the area. Ryan Barringer, AVP-marketing, said he doesn't expect the video to bring in new members, but sees it as a marketing tool to help create a larger Valley CU presence on the web and as a new branding model in which members would interact better in the process and eventual brand. "Rather than dictate to our members, people can share in the development of what we are," Barringer said. "It's a great way to be interacting with future members."
The $502-million Arkansas Federal Credit Union in North Little Rock has at least seven different videos posted on YouTube. All are television commercials. Rodney Showmar, VP-marketing, said one reason the credit union has turned to the popular online site is that is has a younger board that is open to newer media.
See What Happens
"Stick your hook in the water and see what happens," Showmar advised. "There's no cost to it. The commercial was sitting in a drawer, we might as well throw it on YouTube. You never know who's going fishing out there."
In addition to product-specific TV spots, such as for its Visa card, Arkansas FCU has posted four of its 2007 branding commercials on the site. Showmar said he's taken calls about the spots, including from a Washington State vendor making a sales pitch.
A number of associations are using linking to YouTube-hosted videos from their own sites. Among them is Wisconsin Credit Union League, which has linked to a RealSolutions video on payday lending and wire transfer services. PR Assistant Chad Helminak said the league turned to YouTube for its robust and reliable technology. "It's a very popular medium," said Helminak. "We've been trying to target youth about credit unions. It's nice to have out there."
Among the options open to credit unions on YouTube are:
* Video embedding, which lets users insert a YouTube video into MySpace accounts, blogs, or other Web sites where anyone can watch them.
* Public or private videos-users can elect to broadcast their videos publicly or share them privately with friends and family upon upload.
* Subscriptions allow users to keep track of their favorite users' new videos.
* Quick Capture. Users with a webcam and Flash software are able to instantly record video responses or normal videos onto the site rather than having to prerecord then upload the video.
* TestTube. This is an area on the website where YouTube engineers and developers conduct alpha testing for new features in development. Users are encouraged to participate in the development process and are welcome to evaluate the feature.
Among the many videos related to credit unions now posted on Youtube are:
* The National Credit Union Foundation has a number of videos posted, most tied to its Herb Wegner Awards, including the videos that are shown as tributes to winners. Those videos run as long as seven and a half minutes. Other NCUF-posted videos include explanations of how its programs work.
* A TV commercial from the Credit Unions of British Columbia called "OmniPresent" that touts its ATM access.
* A 37-second posting from Technology Credit Union of a commercial it calls "Entourage" that shows a man surrounding himself with cardboard cutouts of fake employees to show he's a big business in order to impress the big bankers. The credit union explains he doesn't have to do that. "We think small business is a big deal," the commercial relates.
* Four minutes and 38 seconds' worth of Sen. Chris Dodd's remarks to the 2007 Governmental Affairs Conference in Washington detailing how mainstream financial institutions need to reach out to the underserved and unbanked.
* Galleria CU has posted a 2:17 video on why SEGs should join the credit union and how CUs help to comprise a complete HR package for employers.
* Credit Unions of Washington have posted a 30-second commercial titled "Perfect Dad" that asks if a CU "could take care of you like "superdad," would you join? Discover what credit unions can do for you."
* Space Coast CU in Melbourne, Fla., posted a video on home equity loans in which it promotes its 6.99% rate.
* Prospera Credit Union in Appleton, Wis., is featured in a 7:54 video that was created for the 2007 Wegner Awards. The video highlights the credit union's GoodMoney program, which helps fight payday lenders.
* In Vancouver, Canada, VanCity board of director candidate Brian Smith posted a :57 video explaining why he's running and encouraging members to visit his website for further information. Smith posted a half dozen videos of himself speaking to the camera, often with his baby son.
* There is also a three-minute video of Courtney Lodge, CEO, Caribbean Confederation of Credit Unions, giving a speech in India discussing how CUs help the community.
* A video for CUNA's just-completed America's Conference & Expo in Las Vegas featured CUNA Chairman and Oakland County CU CEO Allan McMorris donning a helmet with his name tag attached before entering the conference. The video was designed to support the meeting's tagline, "Get Ready for Something Powerful."
Basketball Stars & Funerals
* A New Jersey television station posted a 4:12 video of Operation Best Wishes sponsored by WesCorp FCU. The video featured a young mother of twins showing her daughters' first steps for the father who's on duty in Iraq. Operation Best Wishes is a web broadcasting service that connects families with those deployed overseas.
* Charlotte Metro CU posted a video featuring former NBA star Muggsy Bogues talking about the benefits of joining a credit union. Another behind-the-scenes video shows the details of the commercial shoot that took place on a basketball court with Bogues making trick shots.
* McCoy FCU made a 3:59 video to show its board of directors a possible location for a new branch.
* Inova FCU used a video after Bayer and Michiana CUs merged to introduce the new name and logo to the public.
* Beacon Credit Union has created a 1:10 video satirizing the movie "Psycho." The spot shows a man being interrupted in the shower by credit union staff explaining the benefits available to him.
* The 2006 funeral of Robert W. Myers, a World War II Marine who served as president of Staley Lakefront CU for 25 years, is posted on YouTube.com.
* A sample clip from the Financial Services Training DVD "Starting Sales Conversations for Tellers" details how tellers can use simple questions with members to help create cross selling opportunities.
