Payment Industry Insider

We all know that social networking and Web 2.0 are the newest trends and everyone is starting to get in on the game. Everyone including banks and credit unions!

Wells Fargo has created Stagecoach Island, an online virtual world that allows users to interact with other members online. Just like many other virtual communities online, you can create an avatar that has a job, earns money and has a need for financial services. The easiest way to earn money on Stagecoach Island is to answer questions about money management. Clearly they have targeted youth with a goal of brand awareness and financial literacy.

But targeting the online market does not have to be this hard. The first step is to see how your credit union is being talked about online. Do a Google search for your credit union online and monitor blogs that have mentioned your credit union.

Just having a presence on Facebook and MySpace is an important step towards connecting with the marketplace using these newer technologies.

Finally, set up a blog that your credit union can use to interact with the online marketplace.  Post frequently to this blog with tips, ideas and advice on how to manage money, save for college or payoff a loan more quickly.

Any intereaction you have online will only help you attract new members and gain a stronger bond with your members and potential members.