SAN DIMAS, Calif. — Sarah Canepa Bang begins each business day by typing "hate banks" into the Twitter search engine.
The CEO of Financial Service Centers Cooperative (FSCC) also admits she types in "hate credit unions." Both steps, Bang said, provide her with focus group research on what young adults think of banks and CUs. "I get about 25 pages of why people hate banks," she said. "I also learn about their opinions of credit unions."
That information can provide the credit union with insights into what the younger generations want from financials. By searching for negative feedback on credit unions, Bang said that also keeps the CU on top of any issues it might face with youth. "When someone hates something, they name names," she said. "If there is something young members do not like about your credit union, and they share it through social media, more than likely they will use your credit union's name."
Bang believes the approach is a simple way for credit unions - many of which she said remain skeptical of Facebook and Twitter - to reach out to young adults, test the waters of social media, and determine its power. "Like it or not, social media is here, and young adults are communicating with one another through it."
Bang recalled recently seeing comments from one Gen Y'er who was upset with his credit union and talked about that on Twitter, where he had a following of 3,000. "That is not something to overlook and not respond to."
Bank of America, Bang pointed out, has staff who monitor social media and respond to negative comments. "If you were at a diner and you overheard someone say something rotten about your credit union, wouldn't you want to respond? Well, now you're sitting at a diner that has booths worldwide."
