Friday, November 13, 2009 20:33 - 0 Comments

Social Media A New Candy for Business

What Media Might Learn from Credit Union’s Successful Story

Young and Free Snapshot

Before Bank of America had its student loans, there were credit unions. In the past years, their members have dwindled from their prime time when they used to dominate student loan business with preferable interest rates.

Now one of them is trying to refurbish its lackluster loan business with social media. Its success might lend an invaluable perspective for businesses of other industries.

Servus Credit Union, who began its business in 1938, started a social network in 2007.  In the following 19 months, Young and Free pulled in over 2,600 new checking accounts who made $3.4 million new deposits, that was nearly five new members a day, a revival for a financial institution whose business has been coming to a near halt.

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