Millennials are an increasingly sought-after group when it comes to financial services. According to a report by the American Bankers Association, the Millennial generation, or Generation Y as they’re also known, consists of 77 million individuals born between 1980 and 2000. Compared to the affluent Boomers, Millennials face critical financial challenges. Seventy-five percent of college grads have student loan debt and are earning less money. (more…)
Credit unions have a unique position when it comes to social media. Unlike banks, which are opened to everyone, credit unions have a specific customer base. Members have to be affiliated with certain groups, such as an employer, community, or school. With the smaller, more targeted pool of members and potential members, social media can be viewed as a natural extension of strategic community engagement. The challenge is getting buy-in from credit union decision makers, as well as tracking ROI of social media participation. However, the tide seems to be turning, as research from CUNA Mutual shows that 60 percent of credit unions have been using social media for about 2 years. (more…)
It’s probably safe to say that by now, most of us live in a healthy state of caution when it comes to social media. We’ve read the cautionary tales so selflessly provided by J.P. Morgan, Epicurious, and Justine Sacco, and most of us have decided that, yes, we should exercise a little care on the keyboard.
A recent report shared that 173 million Americans own smart phones, and CNN reported that mobile apps overtook desktop usage for the first time ever in February 2014. While mobile adoption rates continue to grow amongst consumers, a recent study by Capgemini found that financial institutions are relatively slow to adopt mobile banking capabilities – much to the chagrin of their customer base. So what can banks do to increase customer satisfaction and expand on their mobile offerings?
Whether you are just getting started with your social media presence or you have an active and engaging fan base flourishing on various networks, paying close attention to your social media analytics can help you better understand your audience, increase your engagement, and make more informed decisions on your customer outreach and digital marketing efforts. (more…)
Close one more deal a month – how does that sound? Lenders and loan officers need every tool in their arsenal to grow and nurture their networks in order to drive more qualified leads. In addition to traditional marketing – cold calling, and advertising for example – loan originators need to use social media to build business relationships online. Though the housing market has improved, stringent post-2007 loan requirements mean less loan-ready applicants and more competition for qualified homebuyers.
Time is money for loan originators. This is especially true given the state of the housing market.. Two concerns that could derail an increase in loan originations are credit and home prices. According to an article on CNBC.com, getting approved for a home loan is still tougher than before the market crashed in 2007. “Borrowers need higher credit scores, less overall debt, and full documentation of finances.”
What this means for LO’s is a smaller pool of loan-ready clients to choose from, and heavy competition for qualified applicants. Adding social media to your networking strategy showcases your professional abilities, and ensures that when the time comes for consumers to choose, it won’t be a matter of which LO to use, but which loan to select.
To get you started, GREMLN has broken down our white paper, “De-Mystifying Social Media for Mortgage Loan Originators” into a handy slideshare presentation. Refer to it as a guide to getting started on LinkedIn, Facebook, and Twitter!
And, ICYMI, feel free to download the full white paper. In this quick 10-minute read, expect to learn:
- Tips for setting up Facebook, Twitter, and LinkedIn accounts
- Best practices for social media content
- Advice on how to leverage social media for prospecting, networking, and nurturing relationships to closed deals
Okay – so Facebook has made a change that, on its face (pun absolutely intended) could be more bad news for brands. Not only has organic reach become somewhat of an urban legend, but also with the new See It First feature, users can control what they see and how much they see it on their newsfeeds.
In layman’s terms – IF your brands posts actually reach your audience without the help of Facebook advertising, a consumer has the option to unfollow any brand that has appeared on their newsfeed for the past week. After trying it ourselves at Gremln HQ, we can confirm it really is easy to do, and rather addictive (hey, I didn’t know I followed these guys – click! They’re gone). That’s the bad news. (more…)