Social media, a catchall defining different internet platformsthat allow users to generate content and interact, allows creditunions and fintech providers to build their profile and brandidentities.

“The typical consumer has been well aware for some time now tonot believe everything they read or hear on the internet,” LynneCornelison, research analyst for Lombard, Ill.-based Raddon, aFiserv company, said in a recent study, “Payments Insights: Rise ofthe Digital Pioneers.” The current headlines about Facebook postsonly confirmed that suspicion. “Yet for many, Facebook and othersocial media, remain a primary destination and an enormous sourceof information for consumers.”

Raddon's research found 30% of consumers said information oradvice found on social media influenced their product or servicepurchase. For financial purchase decisions, the odds increased toalmost 40%. Nevertheless, although 34% of consumers will click on aproduct or service advertisement, if it is a financialinstitution's product or service ad, the percentage of clickersdropped to 15%.