Happy Monday bits: BofA's social network, CUs on Facebook, Subprime Cleanup, Weeping Children, & more
Posted by Brent Dixon on March 10th, 2008
- Financial Planning 2.0 with Voyant – “The software has been billed as particularly useful for generating “what if” scenarios and forecasts stemming from your current financial situation” (from TechCrunch).
- To the 68% of credit unions focused on reaching small businesses: take note of Bank of America’s social network for small businesses, launched and active since October of 2007.
- Netbanker reports that 50 Banks and Credit Unions Have Facebook Pages. Good call, or noisy call?
- West Bank’s brilliant social savings account SmartyPig “allows you to invite family and friends to contribute to your account, gives you additional incentive boosts from top retailers who sell exactly what you’re saving for AND 4.30% (APY) interest on the money you’re saving.” (via Netbanker)
- This months Forbes magazine features work by Self Help Credit Union CEO Martin Eakes, aka “Subprime’s Mr. Clean.” Martin is also the founder of the Center for Responsible Lending, a resource for predatory lending opponents.
- How to make a 9-year old feel like a financial failure: As glitzy as Australian Commonwealth Bank’s ‘Dollarmite’ Kids Club is, none of that matters when they’re sending rejection letters to children. (via Servant of Chaos)
- Get your heart in the right place with the 3 forgotten emotional drivers in financial services, brought to you by Ron Shevlin.
- Credit union-partnered peer-to-peer lending network Zopa is launching in Japan.
I applaud the CUs already signed up and using Facebook. Key Point CU was smart to implement a “Facebanking” application as well. If you’re looking for Gen Y members, Facebook is a great place to start.
Mike -
I sort of agree and sort of disagree. There’s a lot of opportunity in Facebook. I think Chase’s +1 card is an excellent use. That said – unless there’s some intense added value through Facebook, companies setting up shop and trying to appeal to consumers are in danger of increasing the noise and wearing people out.
This morning, The Shevs posted a video that sums up the frustration a lot of us feel about Facebook right now. Several of my friends have recently said “screw it” and closed their accounts because it was becoming another channel for spam.
I applaud Key Point for experimenting in the space, and if their banking app is a first step I think it’s fantastic. But if that’s where it stops – basically an iframe that let’s you log in from facebook instead of through the normal URL…with no integration into anything else – frankly, what’s so great about that?
I think both Mike and Brent are right.
It is great that credit unions are testing the water. But if they are just testing the water with no intention of swimming, then you might as well keep your shoes on.
I have regularly suggested several widgets that credit unions could use or have developed to make facebook a viable channel for marketing. But if you are not willing to take the plunge than don’t waste your time.
Opening a Facebook account is like having brochures or a sales kit designed and printed. If you leve them in the desk or warehoused, they do you no good. You have to put the information into the hands of those who can use it to the benefit of the CU.
You can create “Facebook Only” contests and prizes. You can create widgets that not only allow you access funds but have a collective savings account where anyone can deposit into it via paypal or credit card (say a savings account for a new computer, iPod, car or education fund).
You could create a youth account savings program that includes instuctions on how to set up a facebook account and tells them to add your credit union as their first friend. Then talk about all the cool things you will be doing for your “Friends”. Special facebook organized activities, parties, games, concerts (by the way I am a big fan of CUs hosting local bands for free concerts for kids). Take pictures, post them on the site. Incorporate your CU blog into your face book page (I do). All of these things will make your facebook plan more successful.
CU’s that just hang out in Facebook are like the kids in highschool that would show up to the dances and ride the wall of the gym in whatever they wore to school that day. Yeah, you can say that you were there – but was it worth going if you didnt dance with anyone?
You have better chance for success if you dress up a little, comb your hair and just ask your members to dance.