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Michigan Credit Union League Home » Information Services » Publications » News Articles  

White Paper: Financial Institutions Have Opportunity to Do More With Social Media   (Misc News: December 7, 2010)

A new white paper by Fiserv, a provider of information management and electronic commerce systems for the financial services industry, shows that there might be an opportunity for financial institutions to do more to interact with consumers using social media platforms.

Fiserv said its nationwide survey of 3,000 consumers, conducted in August with The Marketing Workshop, showed that just one in 10 are already connected with their credit union or bank through social media, but 36 percent of those who are not are interested in getting connected.

Not surprisingly, interest was highest, at 45 percent, among Gen Y consumers, according to the survey.

Some more findings:
-    Eighty-four percent of online consumers participate in social media, but only 11 percent have connected with a financial institution.
-    71 percent of respondents who want to connect with their bank or credit union via social channels did not know they could.
-    Consumers aren’t entirely sure why they would want to connect with their financial institution.
-    Consumers of all generations have concerns about mixing their financial and social lives.

Recent news reports, including from the MCUL have touched on the importance of marketing to Gen Y consumers, 94 percent of whom engage in social media, according to the report. While that is the highest percentage, other generations also have high usage rates for social media. Fiserv said that 90 percent of Gen Xers, 78 percent of Baby Boomers and 65 percent of seniors use social media.

Here are some links to recent MCUL stories on marketing to Gen Y:

Economics and Research: Gen Y is Different than Previous Generations, and It’s Going to Take New Marketing Approaches to Reach Them 

Economics and Research: Survey Shows CUs Need to Target Gen Yers with Marketing 

Click here to view Fiserv’s free white paper.


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