Episode 62 - The Power of User Generated Content for your Bank or Credit Union

Meredith Olmstead, CEO and founder of FI GROW Solutions, and Dean DeCarlo, President of Mission Disrupt, engage in a discussion about the increasing significance of user-generated content (UGC) in the financial sector, specifically focusing on banks and credit unions. This conversation provides a deep dive into the strategic use of UGC as a tool for building trust, enhancing customer engagement, and strengthening the overall marketing efforts of financial institutions.Key Takeaways:1. Importance of User-Generated Content in Building Trust: UGC, such as reviews and customer testimonials, is crucial for financial institutions in establishing trust and credibility with their audience. This content, often shared on platforms like Google My Business, Facebook, and Instagram, serves as a third-party endorsement, offering prospective customers genuine insights into the experiences of current customers. 2. Strategies to Encourage UGC: To increase UGC, financial institutions should implement intentional strategies. This can include automated SMS or email campaigns triggered by specific customer actions like loan funding or account opening. These campaigns should make it easy for customers to leave reviews by providing direct links to review platforms.3. Influencer Marketing as a Form of UGC: While slightly different from traditional UGC, influencer marketing is a powerful tool for banks and credit unions. Influencers, with their established trust and audience on platforms like TikTok, Instagram, and YouTube, can effectively communicate the value of financial products and services.