Credit unions that want to connect with their members through social media should find a receptive audience, according to a new report from Fiserv Inc.
Based on a nationwide survey of 3,000 representative online consumers conducted with The Marketing Workshop in August, 11% already are connected with their credit union or bank through a social media site and more than 36% of those who are not said they would be interested in doing so.
Interest in making that connection is highest, at 45%, among Gen Y consumers, the survey found. All participants in the survey had to have a checking account and some responsibility for paying bills online, Fiserv said.
Recommended For You
The survey also found that connected consumers primarily use their financial institution's social channels to receive information about financial services, and that those who are connected that way tend to use more services and products from that institution.
Broken down, the survey results showed that 66% used the channels for information about services, 32% to receive information about offers or promotions, 31% to review or post opinions and reviews, and 30% to conduct customer service-related activities.
"There is clearly a sizable segment of consumers who are interested in interacting with their financial institutions through social sites," said Geoff Knapp, vice president, Online Banking and Consumer Insights, at Fiserv in Brookfield, Wis.
"An active, engaging online social media presence is a viable way to maintain and grow valuable relationships with consumers who are visiting branches less and interacting through digital channels more," Knapp said.
Fiserv is offering a white paper on the survey results at www.fiserv.com/white-papers.htm.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
