A new report from Kasasa reinforces the need for credit unions at all asset levels to embrace a strong digital presence.
Consumers spend upwards of 2.5 hours each day on social media networks and messaging services, according to the Austin, Texas-based fintech and marketing company, and 88% of survey respondents reported that they trust online reviews just as much as they rely on recommendations from friends and family. More than 70% of consumers who had a positive experience with a brand on social media are likely to also recommend it to friends and family, according to Kasasa.
Credit unions that aren’t embracing social platforms or are just using them haphazardly – which is more likely to happen at the smaller end of the asset spectrum – could be limiting their potential for growth.
“Consumer needs drive everything in marketing and product development,” Keith Brannan, Kasasa’s chief marketing officer, said in a press release. “This is no longer ‘alternative’ thinking; it’s reality.”
Despite the study’s findings, credit unions that haven’t embraced social media or have pulled back on that strategy may have good reason to. Some recent studies have shown consumers – particularly millennials, a key demographic for credit unions – are scaling back their social media usage and leaving platforms like Facebook over concerns about privacy and personal data sharing. That’s creating
