Banks and credit unions are embracing technology and social media to reach their customers. This is bringing great benefits to technology and social mediacustomers and making it easier for banks and credit unions to interact and reach out to their members.

Many customers are not aware that their banks or credit unions can be found on social media. Apps and technology are advancing so quickly that it is hard to keep up with new mobile technology.

How are financial institutions using mobile technology?

Banks and credit unions are using technology and social media in new ways. They are promoting local events, connecting with customers and providing information about the services they offer. Some of the benefits of technology and social media are:

  • Applications –  Apps are making it possible to do banking outside of regular business hours. It is now possible to access your account anytime and even make a deposit by taking a picture of the check.
  • Member Convenience – Banks and credit unions are now offering services online that were previously only available onsite.
  • Quick access – There is no waiting in line. Access is now quick and easy for everyone.

How are financial institutions using social media?

Social media is still new to many banks and credit unions. Security is a big concern as financial information is very sensitive. Social media must be monitored regularly to ensure customer privacy. Social media is being used by financial institutions in many ways including:

  • Building Relationships – Sharing pictures, and videos helps build relationships with customers. Social media allows banks and credit unions to be more social and interact.
  • Relaying Information – Financial institutions are embracing social media to get the word out about events and services.
  • Promoting their products – Social media is being used to promote products and special offers customers may not be aware of.

How can credit union customers benefit from technology and social media?

Customers are taking full advantage of technology and social media. People want access and convenience. Technology and social media have made this possible. Banking has changed. It is mobile, it is fast and it is easy. Some of the benefits to customers are:

  • Easy to use apps – Financial institutions now have apps that allow customers to complete many transactions easily from wherever they are.
  • Financial education – An excellent way for credit unions to use social media is education. Helping make customers financially savvy is not only a benefit to the customer, but to the financial institution.

What are some money management tools avaialbe online?

  • Mint.com – Mint.com allows you to see all your financial accounts in one place. Mint also offers budgeting, tracking and goal setting. There is no charge to use this service.
  • Betterment.com – Betterment.com charges a small percentage fee. Betterment makes smart, goal-based investing accessible to everyone.
  • Pocketsmith.com – Pocketsmith.com has a free plan available along with upgraded plans. You are able to track your expenses, budget and integrate live bank feeds.
  • Readyforzero.com –  Readyforzero.com is an online tool that helps you pay off debt by creating a personal plan. This is a free service.

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