CUNA Tech Council White Paper Focuses on Social Media From Technology Point of View

CUNA Councils
May 25, 2010 | COMMENTS

A new CUNA Technology Council white paper addresses social media from a technology perspective.

In recent years, credit unions have awakened to the potential of social media and online social networks and are in the process of learning to harness its technology. Adding to its attraction are an expanding and evolving range of tools and applications, often available for free or low-cost, which assist organizations in building a productive presence and consistent branch image on social network platforms.

But before credit unions launch a fleet of social media venues to engage potential members, they need to do their homework and look at the big picture of how social media fits into their overall marketing objectives and what value specific tools bring to the credit union and its members. At the same time, credit unions need to research and take measures to protect their internal systems from bots, malware, and other threats, which find a breeding ground on social networks.

Tapping into this issue, “Social Media from a Technology Point of View" is a new white paper sponsored by the CUNA Technology Council that examines:

• the place of social media technology within the objectives of the credit union's marketing and financial outreach programs and informal measures that can be taken to make it effective
• cutting-edge banking applications intended to add transactional capability to Facebook and Twitter
• the risk and dangers associated with social media technology and prevention measures that can be taken to protect members' computers as well as the credit union's main systems
• administration tools available to IT personnel
• social media applications that can be used to monitor and network employees

In-depth perspectives from three credit unions and one social media security expert are shared within the paper which also includes views from both IT and marketing personnel, as both departments are needed to create a successful social media program/strategy.

According to the paper, credit unions utilize social media technology for a variety of reasons including:

• Brand Development —Social media allows credit unions to go beyond print and e-mail advertising in a cost-effective, interactive, manner to get in touch with individuals who have opted out of more traditional forms of promotion.
• Monitoring —Social media empowers credit unions to monitor their image online and address concerns and attacks posted on the Internet. These can be managed and resolved in a matter of hours and false information corrected.
• Social Network Banking —Applications have emerged for networks like Facebook and Twitter that allow individuals to perform banking without leaving the comfort of their favorite social network.

CUNA Council members are entitled to complimentary copies of these and more than 200 white papers; non-members may purchase the white papers for a price of $50 per copy.

The paper is available online in the white paper section of each council site – select the “Tech” tab.