BROOKFIELD, Wis.-To reach Generations X and Y, credit unions must be where their web-savvy members are.
According to Fiserv, that means creating plans to leverage social media and advanced mobile technology - despite what some CU leaders may think about those mediums. "I think credit unions understand social media," said Dave Selina, segment executive, credit union solutions. "But some may struggle with what those mediums mean to the credit union. The notion that certain groups of their members think e-mail may be obsolete and favor text messaging and Twitter, can seem foreign. Intellectually they know they need to be in these spaces. But sometimes these concepts are difficult for some people in credit unions to get their arms around."
A concept not unfamiliar to credit union leaders is the need to provide excellent member service. Selina reminded that for young members that means using social media. "These members represent the future of the institution. So if you don't (get involved with social media) today, other financials will, and it will be more difficult to get these members back."
Tim Milz, segment executive, credit union solutions, said Fiserv offers a fleet of Internet banking solutions, including MyMoney, which allows access to credit union accounts through Facebook. "Social media is just a reality. Twitter has an API that goes way beyond what we see in the common mainstream media of sending 140-character text messages. Other technologies are arising, like Microsoft Tag, where you can use web-enabled phones to create transactions. So there are a number of different technologies credit unions need to embrace as they seek to attract the web generation."
Albert Ku, segment executive, credit union solutions, said that ultimately Fiserv solutions are aimed at helping credit unions grow. "Once the credit union has established a relationship with members, no matter their generation, the challenge is to cross sell," he said. Ku emphasized the importance of integrated solutions to drive relationship management that allow the credit union to see pictures of the entire household, not just the member.
For info: www.fiserv.com
