Social media is a powerful tool, but for many credit unions it’s little more than a once-in-a-while chore on a long list of other work that needs to be done, and it doesn’t seem to generate much in the way of revenue.
Not so for the Oshkosh, Wis.-based Verve Credit Union, which has $766 million in assets and 56,000 members. In 2015, Verve added 175 new loans and $2.5 million to its loan portfolio that it said came directly from its use of social media. It also generated additional non-interest income from 52 GAP policies and 68 debt cancellation policies that came through social media, according to the credit union.
Verve’s heft in the social media world is substantial. The credit union now ranks No. 54 on Financial Brand’s list of the 100 most influential credit unions on social media, pulling in more than 13,000 Facebook likes, 834 Twitter followers and almost 196,000 views on YouTube. That gives it more social media sway than some other credit unions on the list that are several times Verve’s size – behemoths such as $2.4 billion El Paso-based GECU, which has 348,000 members and ranked 61st on the list; the Bethpage, N.Y.-based Bethpage Federal Credit Union, which has almost $7 billion in assets and 293,000 members and ranked 73rd; and even the $7.3 billion, Universal City, Texas-based Randolph-Brooks Federal Credit Union, which has 657,000 members and ranked 55th, for example.