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May 25, 2010

Comments

Dan Rosenfeld

"People don't start a financial relationship with some bank or CU that they found on Facebook. They go find their bank on Facebook because they already have a relationship with them."

Great point and I think you are correct. The OLB stats are a bit mindboggling. How is it possible that 75% of people do not know that their institution offers OLB? In response to your question: the website will remain the central hub for an organization, even though social media usage is rising. I'd err on the side of the website and OLB quality first and foremost, but keep johnny appleseedin in the social media finance space. $700 grand/$300 grand.

Jimmy Marks

Thanks for the feedback, Dan.

A good call, I feel - I can't image what I'd do with $300 grand in social media, though...but I could probably come up with something!

Robbie Wright

Stats are one of those funny things that produce different numbers for everyone. Personally, I don't believe that 75% of members at a CU don't know about online banking. If I knew more about the methods employed to get those stats, I might have a different opinion however.

Websites are one of the most vital links that a CU has with their members. Especially if they offer online banking, which many, many CU's don't. How much did that last branch cost you to build? $1M? $2M? What would happen if you spent that much on your web presence?

Jeffry Pilcher | TheFinancialBrand.com

I have concluded that social media for financial institutions is pretty much pure hype. It's like the promise of the Dot Coms back in the 1990s that lead to a stock market crash. It's the same sort of thing, just a different kind of bubble. Nevertheless, that bubble is going to get popped.

The data point Dan is struggling with is incorrect. 3 out of 4 (75%) don't know their bank bank has MOBILE banking (not online bill pay). Of those who are aware, nearly half use the service.

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