In 2013 the FFIEC released guidance for credit unions leveraging social media in their marketing strategy. If your credit union hasn't ventured into the social space or if it's lacking a cohesive strategy you're missing out on an enormous opportunity to reach key demographics.
Whether you're targeting the mass affluent, millennials or the underbanked, or anyone in between, social media is one of the ubiquitous channels for reaching all three markets.
A study by LinkedIn found that 87% of the mass affluent use social media and nearly half use social media to discover or consider a financial institution.
The PEW center puts social media adoption past 75% for U.S. adults making less than $30,000 a year and a key source of decision making and information for this segment of the population that is often underbanked.
And we all know the frequency of consumption by millenials.
So with all this opportunity, don't let risk be your hurdle. We've assembled a template to get you started on developing your own social media policy and get your credit union into the conversations taking place where you can make an impact in the lives of consumers seeking information and seeking your products and services.