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 noninterest income from 52 GAP policies and 68 debt cancellation policies that came through social media, according to the credit union.
Climbing the Social Ladder
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