It used to be that credit unions were only trying to compete with traditional banks, which was competition enough. In today's mobile and digital world, they are now up against nontraditional players such as Amazon and Walmart vying to sell financial services to consumers in a quick and easy format.
While the competition may seem fierce, there can be a David and Goliath outcome through outlets such as the effective use of social media. Responsiveness, trust and creativity are three of the reasons the credit union industry is generally ahead of competitors in the use of social media tools as a key means of connecting with members and prospective members.
Members join credit unions because they trust them; the institution's reputation is a very important asset. They appreciate that credit union staff and know them by name. They are not viewed as just an account number.
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