Filene Research Institute does its part to address the social media question of whether tweeting, friending and posting videos can actually help credit unions grow.
A new report, The State of Social Media in Credit Unions: Opportunities and Challenges, is the result of a yearlong longitudinal study conducted for Filene by Crescendo Consulting Group, LLC.
The study looks at social media usage among credit unions, highlights characteristics of credit unions currently using social media, and describes practices that drive success.
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The study found that when it comes to successful social media programs, the essentials include spending more than eight hours per week on it and aligning it with the credit union's strategic goals.
In addition, because of the time that should go into social media efforts, those credit unions with larger marketing departments (more than 10 employees) or someone exclusively dedicated to it , were more likely to report successful programs.
The report includes data from 187 credit unions of varying size and composition across the United States and Canada.
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