Recent Watershed Developments: Twitter Banking

I haven’t written before about what twitter banking would look like because of the poor adoption rate of SMS/text banking. But it’s a logical evolution. Vantage CU in St. Louis, MO, is the first to launch twitter banking, and they’ve called it TweetMyMoney. EverythingCU member Eric Acree, EVP, has led this charge for Vantage, while Technovation guru Cam Minges was largely responsible for implementation and deployment. Good for them. Innovation AND differentiation at it’s finest. Huge props.

For more coverage:
Jeffry Pilcher wrote it up at The Financial Brand
Tim McAlpine wrote about it at Currency Marketing

The other recent watershed development: Augmented RealityFinovate NYC 2009

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5 Responses to “Recent Watershed Developments: Twitter Banking”

  1. James Robert Lay Says:

    We are finding that credit unions are having a hard time getting members to begin using mobile banking. I think they are slow to change just a members were slow to start using online banking. One of the things I recommend credit unions do before offering mobile banking to members is to simply ask members if this is something they want at the time. A simple online web survey can help credit unions get the pulse of their members and get away from the guess and see approach to strategy.

    Through focus groups we have done, more so for Gen Y members, we have found credit unions simply don’t do a good job of marketing mobile banking. Gen Y members have said to stop marketing convenience and start marketing security.

    Very excited to see how adoption rates and use continue to evolve over time. It seams very promising to me but is still wise for credit unions to be in touch with their members and simply ask them what services they want.

  2. Recent Watershed Developments: Augmented Reality « EverythingCU.com World 2.0 Adventure Says:

    […] of branding, marketing & technology « My new least favorite word: Onboarding Recent Watershed Developments: Twitter Banking […]

  3. Eric Acree Says:

    Morriss,

    Thank you for the post. Our members have been requesting mobile access for quite some time now and tweetMyMoney is our first bold step in providing some basic functionality on the go.

    Roughly 70% of our new members are under age 40 so our mobile strategy centers on offering several different applications with varying features and capabilities that appeal to this group. We plan to introduce at least two other mobile options in the near future to provide our members with choices.

    Due to the newness of tweetMyMoney and the non-traditional way we’ve marketed it (we launched via a tweet), we are now crafting more traditional member communications that address features and security. I do agree with the previous person’s comment about the importance of proper positioning.

    I’ll keep you posted on our progress!

  4. James Robert Lay Says:

    @Eric – so awesome to hear you were listing to your members needs and the fact that you are getting and attracting 40 and under. I too look forward to how this continues.

  5. Recent Watershed Developments: Finovate NYC « EverythingCU.com World 2.0 Adventure Says:

    […] EverythingCU.com World 2.0 Adventure Exploring new frontiers in the convergence of branding, marketing & technology « Recent Watershed Developments: Twitter Banking […]

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