6 Reasons Your Credit Union Should Be LinkedIn

When it comes to credit unions, blogs, websites, Facebook and Twitter seem to be the most popular kids in the online neighborhood. Too often LinkedIn gets overlooked as solely a business networking site. And even if that is what LinkedIn does best, it doesn’t mean your credit union should ignore it.

We’ve got six great reasons you should build a presence on LinkedIn for your credit union. And if you’re already on the site, you might pick up on some new ways to use it!

1. Promote – Just like you already (hopefully) do on your credit union’s website and Facebook page, LinkedIn allows you to promote offers and discounts to your members by creating a Products tab on your Company Page. Plus, it’s a great way to cross-promote all of your other online efforts like your website, blog, etc.
   
2. Engage – Where would your credit union be without its select employee groups (SEGs)? Guess what, chances are your partner employers are probably on LinkedIn. So, reach your SEGs right where they network! A LinkedIn page will help further establish your brand and presence with the company’s employees.
   
3. Establish – In addition to SEGs, LinkedIn will allow you to further establish your credit union’s brand and presence with is the overall community you serve. With LinkedIn your credit union can search, research and connect with community organizations to team with on upcoming events in your area.
   
4. Answer – Did you know LinkedIn lets your credit union flaunt its extensive expertise? Click on the More tab on the top navigation bar and select Answers. Then you can search by category (like Finance and Accounting) or do your own search for topics like checking, saving, mortgages, etc. Then just look for a question you like and then answer away!
   
5. Optimize – Looking for a new way to help boost your credit union’s search engine rankings? LinkedIn, like most social media sites, can do just that. When current or potential members search for your credit union, a LinkedIn entry usually pops up on page one. How’s that for search engine optimization (SEO)? Just make sure to update your content regularly to keep up the rankings and ensure that visitors don’t click on outdated information.
   
6. Network – For those of you that are already familiar with LinkedIn, you know it’s all about connections and groups. It’s no different for your credit union. Join or create groups that feature other credit union professional. This not only lets you network, but it also enables you to start discussions, exchange ideas and analyze industry trends. You can also ask your staff and board to join LinkedIn and follow your credit union – which helps build Follower and Employee Insights.

We hope this article has motivated you to add or enhance your credit union’s presence on LinkedIn. If you need a hand with this or any other social media endeavor, CU Solutions Group’s social media experts are happy to help.

Does Your Credit Union Have a Social Media Policy? (Part 1 of 2)

The following installment of a two-part blog comes from our cohort Joyce Campbell, content manager at HRN Performance Solutions.

The last ten years has seen a revolution in how people communicate with each other. Social networking, which includes use of Internet forums, blogs, wikis, LinkedIn, Facebook, MySpace, YouTube, Twitter, Flickr – and the list goes on and on – has changed the world. As with most social transformations, this one affects the workplace as well.

If your credit union hasn't already created a social computing policy and guidelines for your workplace, you probably should. No policy is a risky policy. The trick is trying to decide what will work for you, specifically.

The following are a few key points to consider in drafting your credit union's policy. Given how rapidly things are changing in this area, you’ll likely need to review and update your policy regularly. It will definitely be a work in progress. 

Developing Social Networking Policies and Guidelines 

1. One size definitely does not fit all – Don’t expect to adopt another organization’s policy. At the very least you’ll need to customize sample policies (including the HRN written policy included as a template in HR Suite) to fit your credit union, how technology is used in your workplace, your employees and overall organizational need.

2. There are varying degrees of tolerance among organizations – High tech organizations may be very liberal regarding employee social computing and see business opportunities in letting employees network at work. Some older brick and mortar companies may have little use for and only see problems arising from employee social networking. Where does your credit union fit along this continuum?

3. What kind of social networking does your organization seek to regulate?
 
a) When?
      i. Social networking during work
      ii. Social networking after work
      iii. Both

b) What?
      i. What types of communications do you intend to address?
      ii. Does it depend on whether the activities are at work or home?

4. What types of communication may be useful to your organization?


5. What types of communication could present problems to you?

6. Which groups in your organization should be allowed to use company equipment and work time for social networking? – All employees? None? Some?

7. Should you consider blocking, filtering, or monitoring certain sites at work? If so, for what groups of employees?

8. What are the legal concerns and potential negative aspects for employers?  

a)    Companies may be liable for defamatory, harassing, or discriminatory communications by their employees.

b)    Organizations should understand that employees have certain privacy rights and, in some states, laws protect employees who engage in lawful activities outside of work.

c)     Although this area of law is evolving, there are protections for employees engaging in political activities so an employee blog regarding politics, working conditions, or employee rights is probably protected.

d)    Federal labor law provides that employees have the right to discuss wages and terms and conditions of employment.

e)    Employers must be careful not to violate the federal Stored Communications Act. It prohibits a 3rd party from accessing electronic communications (e.g., email or social network sites) without proper authorization. There’s nothing wrong if an employer reads an employee’s posts on a public site…there’s no expectation of privacy. However, if that employer gains access to a password protected site by illicit means or by coercing another employee to offer up the password, that’s another problem.

f)     Many employers review applicants’ social sites to learn more about the candidates. However, an employer who learns about an applicant’s or employee’s disability, sexual identity, race, etc., and fails to hire the applicant or promote the employee could face discrimination allegations.

g)    A Federal Trade Commission guideline (Guides Concerning the Use of Endorsements and Testimonials in Advertising) provides that employees who use social media to make statements about an employer’s products could create liability (even unintended) if a consumer later claims that he was misled or purchased a defective or dangerous product. Companies could be liable for any false or unsubstantiated claims by employees or even for an employee’s failure to disclose his relationship with the company.

h)    Inappropriate communication can damage company reputation.

i)      Problems may arise by intentional or accidental employee action.

j)      It can waste an awful lot of time and decrease productivity. (Some characterize this as “social notworking” vs. “social networking”).

Come back next week to read Part 2!

Protect Your Credit Union with a Social Media Policy

If your credit union is like many organizations, you’ve jumped onto the social media bandwagon enthusiastically, but without having a social media policy in place. Good news – it’s not too late to develop and implement one! All it takes is a little thought, preparation and research to create a thorough policy. 

When we say social media, we’re talking about Facebook, Twitter, LinkedIn and even blogs. If your credit union is participating in any of these platforms, have you determined where they fit into your overall strategic plan and philosophy? Have you analyzed the potential risks involved? These risks might include:

• Security risk – With all of the back and forth communications, you may be at risk of system intruders
• Regulatory risk – Anything you post could be considered advertising, which may be subject to compliance issues
• Legal risk – Social media has the potential of opening your credit union up to lawsuits, compliance problems, copyright issues and even employee discrimination
• Reputational risk – An erroneous post or slapdash comment could open the door to negative feedback and a public relations nightmare

By adopting a social media policy, you can protect your credit union from these risks and even fines or expensive legal fees. Each social media platform comes with its own risks and considerations. And since all are essentially electronic forms of communication, they can be construed as advertisements.

Here are points to consider while diving into the world of social media:

Facebook
There are several informational areas on a Facebook page to add static organizational details about your credit union. These need to be reviewed and approved by management before posting. Daily status updates are considered interactive, and if you wait to get each one approved you’ll bog down the whole process. Make sure management periodically reviews the posts for content and that the person posting has a set of stringent guidelines to follow. If the information is an actual advertisement, you’ll need to meet the advertising regulatory and Facebook’s advertising guidelines.

Twitter
Just like Facebook, there are static areas to pre-approve content and the interactive element. Tweets should also be periodically reviewed and have posting guidelines in place.

LinkedIn
This is the best place to have a condensed online brochure for your credit union and to spotlight your staff. Just make sure everything is reviewed and approved by management before posting. Also, you might want to review what’s on your employee’s LinkedIn profiles to ensure it aligns with your credit union’s page.

Blogs
Any blog should go through the proper review and approval channels before being posted. You may want to consider including a disclosure or disclaimer on the main page for your blog describing your views and listing what states you’re licensed to conduct business in. Plus, always give credit for any sources you use in your blog post including quotes, articles, images or videos.

Whatever platforms your credit union utilizes, monitor incoming posts, tweets or comments from outside sources. Make sure to delete any inappropriate or misleading statements.

This overview is basically the tip of the iceberg on considerations your credit union needs to make when participating in social media. Each organization is unique with its own individual environment and context. But a solid social media plan could go a long way in illustrating to regulators or auditors that your credit union is taking this very public role seriously.
 

Related Services:  Social Media, Online Services

Energize Your Credit Union Members' Online Experience

Just about every company and product has its own website. And by now, you know the basics—make your site easy to navigate and user-friendly, include a call to action on every page where a product or service is described, and use online applications and contact forms.

Now What?
Now it’s time to add that “little extra something” to your website—something that gets your members coming back time and again. Use one or all of these website enhancements to energize your site:

Video
Sure, you can put videos on YouTube at no cost. But do you really want members navigating away from your website? The best alternative is to place the videos on your site. The videos can be:

• Instructional – Financial literacy is a must at any age. Place videos that cover different topics and appeal to members of all ages.
• Community-oriented – Share a brief video of your credit union staff participating in community events.
• Promotional – Promote a product or service—or simply post the video of your CEO’s appearance on the local TV news to discuss Bank Transfer Day.
• Informative – Keep members informed about the issues facing credit unions—such as proposed legislation that has challenged credit unions’ tax-exempt status in the past.
• Motivational – Want to do more than keep members informed? Use a video to encourage them to write to their legislators or take other actions.

Blog
A blog invites interaction, which in turn invites people to return to your site. Keep the topics relevant and helpful—and ask visitors to comment. Consider, too, a guest blog. If your credit union has a relationship with a financial planner, invite that person to post a blog. Also, look to your membership. Perhaps a member can share his or her experience with solving a budgeting problem.

(Tip: Use one of your website pages for the blog. If you’re using a “page commenting” feature, visitors can use that to post comments.)

Podcast
Podcasts aren’t yesterday’s news. They’re an efficient way to provide snippets of information to members who are on the go—and find it easier to listen to a message rather than watch one. Use podcasts to provide financial tips and messages from your CEO.

Keep it Going
Once you’ve added one or more of these features, don’t stop there. Talk to your members or survey them—and learn what other features would make your site more valuable. Because when it comes down to it, members are the reason you have a website.

 
Related products: CUBE TV, Podcasts, Web Development 

Using Technology to Promote the Credit Union Difference

Credit unions are different. Different than banks. Different than payday lenders. Different than every other financial institution. 

We can all recite many reasons why: members are owners; credit unions are for people, not profit; the list goes on. And for most of us, “different” means “better.” So, what sets your credit union apart—and do your potential members (or even your members) know?

You have the world of technology at your fingertips to help you tell the world how your credit union excels—in product choices, in services, and in responsiveness to members. And now is the time to use that technology to your advantage.

Get Your Name out There
Connect with members and non-members. You’re already providing information via your website. Now it’s time to step up your social media efforts.

• Blog – Provide financial tips to your members via your blog. These can be short and sweet (budgeting tips) or a bit more complex (explain the array of investment options).
• Tweet – We’re not recommending blatant self-promotion. Rather, use Twitter to post information about your community involvement and to follow other industry-related leaders. Hosting a free financial literacy seminar? Now that’s worth a tweet.
• Post – Facebook is a great place to post your community event reminders, announcements about winners of your credit union’s contests, and to mention perks available only to members. You can even respond to potential members’ questions regarding locations, services, and employment opportunities.

(Need assistance with social media? CUSG can help!)

Subtle is Good, Too
Using technology to inform is one way to let people know what sets your credit union apart from the competition. Using technology to provide service to your members is another way.

You can do this by adding these online tools that give your credit union and its member service representatives the ability to respond quickly to members:

• Searchable FAQs – A searchable Frequently Asked Questions (FAQ) section, also known as an online knowledgebase, can save staff time while quickly providing answers to your members' questions—and ensures they get a consistent, correct answer every time. Members can use this service before, during and after business hours.
• Secure Live Chat – A live chat service is another way to serve your members. Member service representatives can address concerns, answer questions and provide information … all in real time. (The best email programs still have a time delay, but chatting gives an immediate response.) You can also send members directly to a specific page of your website.

Serve your members online and connect with them wherever they are and whenever they want to connect. Sure, the methods of engaging with members are different than they used to be. But credit unions have always been different and have even held “different” up as a badge of honor. There’s no need to change that attitude now!

Related Services: Knowledgebase, Boldchat, Social Media