A lot has changed for credit unions since the original Bank Transfer Day in 2011, but one thing that hasn't changed is the ability for CUs to utilize Facebook, Twitter and other outlets to mobilize consumers to join a credit union.
This iteration of Bank Transfer Day didn't receive nearly the same amount of hype as the first one —
One such institution was the Polish & Slavic Federal Credit Union, a $1.77 billion CU based in Brooklyn, N.Y.
Zbigniew Rogalski, the chief member relationship officer at Polish & Slavic FCU, told Credit Union Journal that his CU engaged "social media influencers" to spread the word on behalf of PSFCU. These partners, he said, posted different messages about Bank Transfer Day on social media and tagged the credit union as the only financial institution to bank with. In fact, one partner was Monica Aksamit, the saber fencer who won a bronze medal at the 2016 Summer Olympics in Rio de Janeiro.
"Monica has a large millennial follower base and we wanted to capitalize on that with the Bank Transfer Day," Rogalski explained.
More than 40 new accounts were opened on Bank Transfer Day, Rogalski said, an increase of between 18% and 25% compared to what is a "typical Saturday for us."
Rogalski also said that the credit union's member services department witnessed about a 20% increase in call volume versus a "typical" Saturday. "Most of these extra calls were made by non-members in an effort to learn more about the products and services that PSFCU offers," he said.
When Bank Transfer Day debuted, some CUs still hadn't established a social media presence. Many CUs have upwards of a half-dozen social profiles now, and Rogalski said that Polish & Slavic intends to continue using its social media influencer marketing strategy.
"We are currently signing on with new influencers, and will put a bigger emphasis on this marketing approach in 2017," Rogalski noted. "We… expect residual benefits from what we did this year during [Bank Transfer Day] as all of these posts by our social media influencers will live on, on their individual timelines with specific hashtags related to Bank Transfer Day and PSFCU. As these influencers attract more and more followers, we will be viewed and researched by potential new members as well."
#MakeYourMoneyMatter
Across the country in Capitola, Calif., $845 million-asset Bay FCU also observed Bank Transfer Day, and EO Carrie L. Birkhofer told CU Journal the credit union — along with members, friends and family members on social media — utilized the hashtag #MakeYourMoneyMatter to get the word out.
"Our local newspaper, the Santa Cruz Sentinel, published a well-timed article to discuss the performance of credit unions in our area through the third quarter of 2016," she said. "The article included the invitation for new members to visit us on Bank Transfer Day for a special reception welcoming new members in each of our branch locations."
As a result of those efforts, Bay FCU set a record for itself, doubling the number of accounts opened on the first Saturday of any month prior. Lending has also been on the rise.
"We have seen an increasing number of new accounts and refinancing [auto and home] loans from large national banks over the course of the third and fourth quarter," she said.
Bay FCU has also launched an "awareness advertising" campaign in print and radio that will run through the end of the year, Birkhofer added. "Our intention is to ensure that consumers have a choice of where to conduct their banking business, and position Bay Federal Credit Union as a viable option for home loans, auto loans and planning for the future" she explained.
Birkhofer believes that Bank Transfer Day continues to produce residual benefits for credit unions.
"We are seeing benefits from consumers being tired of major national banks, and not believing that banks are being held accountable to their customers," she said, adding. "This is resonating loud and clear with consumers, thanks in part to media coverage and grassroots call to action events like Bank Transfer Day. Consumers are more aware — now more than ever — of how their banking choices impact their local communities."
Here to Stay
The original Bank Transfer Day was fueled by anti-bank sentiment, and according to Financial Services Representative Laura Mayer, plenty of the new members who came to Bear Paw CU in Havre, Mont. for Bank Transfer Day were fed up with the for-profit banks.
"There's a lot of negativity about the banks now," she said, noting that one couple who came to the CU for Bank Transfer Day switched because of Wells Fargo's involvement with the Dakota Access Pipeline, while another switched because she was tired of fees from the big banks.
Bear Paw promoted the event on Facebook, and though the credit union is not open on Saturdays — the official date for Bank Transfer Day — plenty of members have been coming into the CU in response to those posts, said Mayer. Her credit union did not participate in the original Bank Transfer Day, but she said she believes the anti-bank sentiment is here to stay.
"People just don't think their bank has their back anymore, and I don't think they'll go back," she said.
The $114 million-asset credit union hasn't discussed whether or not Bank Transfer Day might become part of its larger marketing efforts moving forward, but Mayer said that's largely because Bear Paw is in the midst of a core conversion.
"We're pretty busy with that right now," she said.
Midwestern Trio
In Southern Michigan and Northern Indiana, a trio of credit unions — Teachers Credit Union, Honor Credit Union and Notre Dame Federal Credit Union — launched a month-long collaborative marketing campaign to promote Bank Transfer Day and the philosophy behind it.
The campaign focused on the low fees and lower interest rates offered by credit unions, as well as their convenient and personalized service afforded to members. Along with social media messaging, the participating credit unions also posted signage inside and outside of their branches, as well using Bank Transfer Day-related materials in digital advertising and on billboards.
Paul Marsh, CEO at Teachers CU in South Bend, Ind., told CU Journal that the campaign is set to end in November, but he hopes that the collaboration between the three credit unions is the "first of many opportunities for us to join forces."
"Together, we can amplify our message and help educate consumers about the benefits of joining a credit union," Marsh added. "While Bank Transfer Day gave us a great reason to promote that message, it's the ongoing education and awareness that will truly move the needle and convert members from banks to credit unions."
