IQ’s focus on next generation marketing for financial services continues with this look into credit union marketing and social media sentiment by Noah Echols, IQ’s Director of Strategy, a summary of which was published in the Financial Brand. To see the complete report click HERE.
Because credit unions gained tremendous momentum during the recession, consumers increasingly took to online channels to compare the benefits of banks and credit unions. Toward the end of the recession the overall volume of credit union-related conversations was increasing year-over-year by more than 200%. While each of the past 2 years have shown only a 20% increase year-over-year in credit union conversation volume, the passion for credit unions is maintaining.
Using Crimson Hexagon, a tool that collects public conversations across the web, IQ analysts parsed through over one million mentions of credit unions to measure the sentiment around those conversations and get a sense of the overall trend in volume year over year.
Looking at both deposit trends and consumer online behavioral trends, the data demonstrate a huge opportunity to have an exceptionally good year if they would invest in ways to entice online advocates who believe in the movement to open accounts by providing the tangible benefits they crave. Specifically, consumers are looking at the following when deciding between a bank and credit union.
- Convenience – They want to access, move, and manage their money at any time of the day with the same level of user experience that they’ve come to expect from other industries like retail.
- Service – Credit Unions excel in service, but it is important to differentiate today as businesses increasingly shift to competing more on service than product.
- Technology – Consumers, especially Millennials, expect a great mobile and desktop experience. Invest in a website that can compete with larger banks and mobile apps that delight users who are accessing it daily.
IQ has deep experience working in the credit union marketing arena, combined with many years working on behalf of financial brands such Wells Fargo, Suntrust, Allstate, GEICO, and others.
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