OMG: The Race Into Social Media Often Has No Plan

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SAN DIEGO-Credit unions have plunged into social media, but many lack any strategic plan to do so effectively, according to several analysts.

San Diego County CU SVP of e-Commerce Loretta Weller-Mowers conceded that credit unions are not utilizing social media as much or as effectively as the big banks because "there is really no strategic plan on how to use that channel." Though it is one of the largest CUs in the country, with more than $4.9 billion in assets, San Diego County is not on Facebook or Twitter.

"We are definitely looking at it, but we want to have a plan and not just be out there marketing products," said Weller-Mowers. "Until we get that nailed down we're not going to just go out there and do anything."

In Rancho Cucamonga, Calif., Caroline Lane, SVP-Business Development and Marketing at Co-Op Financial Services, reminded, "We can't just develop delivery channels in silos. You have to wrap all of the delivery channels around your member so they feel like you're available 24/7."

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