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Social media can help CUs increase share of mortgage market
LAS VEGAS (10/27/10)--Credit unions can use social media to create connections with realtors and increase their share of the mortgage market, according to Terri Murphy, chief information officer of U.S. Learning Inc., Memphis, Tenn. Murphy told the audience at the American Credit Union Mortgage Association (ACUMA) 2010 Annual Conference that realtors typically do not know credit unions offer mortgages. That means credit unions are often “starting from scratch” (National Mortgage News Oct. 25). Social media and personalized Web pages can help credit unions reach Realtors, Murphy said. She described LinkedIn, a professional social networking platform, as “one of the best ways to find strategic partners.” Murphy encouraged credit unions to try other social media tactics, including:
* Blog sites, which are cheaper to operate than a web site. Murphy said blogs should be “at the hub of a credit union’s online presence” because they allow credit unions to provide information about their brand and expertise directly to consumers. * Twitter “microblog” posts, which can offer tips to members about a credit union’s services. Twitter can also monitor what members and nonmembers say about credit unions to provide unfiltered feedback. *YouTube, which responds to consumer’s preference for video over text. Credit unions can record testimonials or make short videos about how they solve problems for members.
Murphy said credit unions should emphasize connections instead of marketing as they reach out to realtors. Building trust will be important to help realtors understand how credit union services differ from competitors.


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