Social media

The social media platform skews toward a more youthful demographic, while credit unions' average member age has been stuck in the late 40s for decades. But even institutions that use it have concerns about security.

Truist, First National Bank of Omaha and Peoples Bank in Washington state are finding creative ways for loan officers, financial advisers and others to become ambassadors on platforms including Facebook and Instagram.

This oldest consumers in this next group are approaching their mid-20s, so financial institutions must tweak their marketing if they hope to reach them in an meaningful way.

Financial institutions like Ally Financial, Clinton Savings Bank and First National Bank of Omaha are recruiting personal finance experts, college students and local personalities to promote their products and services.

Clients of the challenger bank's robo-adviser are able to see one another's trades, add comments and watch a leaderboard of top investors.

Crane Credit Union has taken an Instagram Stories-like approach, while Certified Federal Credit Union is crafting personalized email messages.

Social media has spawned thousands of ways for individuals to get paid by touting products in videos, photos and blogs, but the payments flow between companies and these so-called influencers can be rocky.

Factoring in customer behavior as an element in the risk profile can provide financial institutions with better assurances in their lending practices, consultants Maria Arminio and Bo Berg say.

What made the attack on famous Twitter accounts so problematic wasn’t the high profile of its victims, but the non-technical and repeatable method the assailants used.

Small businesses have been hard hit by the pandemic, meaning commercial lenders are considering how they can better manage risk in this portfolio and make other changes to help.