One Credit Union's Web 2.0 Strategy
Vancity meets its 'triple bottom line' with today's Internet

By Diane Franklin

Jan. 21, 2008

This is bonus coverage from "Web 2.0: High Tech, High Touch" in the February 2008 issue of CUES' Credit Union Management magazine.

Web 2.0 enables users to create dialogue and build communities. Vancouver-based Vancity, Canada's largest credit union at $12.3 billion in assets and 379,000 members, uses these capabilities to serve its strategic vision. "Our Web strategy is geared toward helping us achieve our triple bottom line, which centers around financial success, social values and improving the environment," reports William Azaroff, the credit union's interactive marketing and channel manager.

Vancity's commitment to social and environmental values is reflected in a Web site called Change Everything, which challenges visitors to build a better life for themselves, their community and the environment by making different lifestyle choices. Blog entries stress positive changes people can make in their lives by exercising more, contributing to carbon neutrality, giving back to their communities, becoming involved in the political process and more.

"Our initial use of the 'Change Everything' theme was an advertising campaign, which featured the message that you can change everything if you change your bank," Azaroff reports. "We tied that into a clean air auto loan, and then we continued to build on issues of environmental and social responsibility."

Keeping the self-promotional aspects out of the Change Everything Web site is essential for it to be an effective communications venue, according to Azaroff. "All social media projects must be inherently authentic," he stresses. "If they are not authentic, people will figure that out and anything positive that could come out of the site will be lost."

The Change Everything Web site has only a soft tie-in to Vancity. The home page has just one mention of the credit union, which reads: "A community-powered site by Vancity." Click on the Vancity name, and you'll get a statement about how Vancity hopes to further social and environmental causes.

Azaroff reports that the Vancity Board has been very supportive of the Change Everything Web site. "Our board loves Change Everything. They feel that it's enhanced our agenda. We have a very savvy board that understands the use of social media is a way to increase the transparency and the trust that members have in the credit union."

Azaroff agrees that doing homework is essential before becoming active in social media. He suggests that credit unions begin by monitoring what people are saying about them on the Web, using a resource such as Google Alerts (www.google.com/alerts). "I assume that a board would want to know what is being said about the credit union on line," Azaroff says. "If there are quite a few negative comments, it could be an indicator of a serious problem that needs to be corrected."

Some may shy away from blogging or other forms of social media because they feel it's too time-consuming. However, Azaroff explains that blogs can be a collaborative effort so the burden doesn't fall on a single person. "The key is to get it in the hands of a few core enthusiasts and start evangelizing about your brand. It's an opt-in thing. Maybe out of a board of nine people, three or four might be interested in doing it, and it may take no more than just an hour a week for each of them. Those who enjoy it can put in more time."

Azaroff reports there are many advantages to using social media, among them cost-effectiveness and speed. "The Web provides a leveling of the playing field. Even small credit unions can be in the space and attract a lot of attention to their site. You don't need to be a $1 billion credit union to have an impact. Social media also allows you to share information quickly without any artificial barriers getting in the way."

Being aware of the advantages of social media is an important step to using it effectively, according to Azaroff. "Our economy is moving from the information age to the social age. It's like gathering around a global water cooler. Anybody who is interested in moving forward in the 21st century has to be aware of what social media has to offer. Those who embrace it have a better chance of success."

Diane Franklin is a free-lance writer based in Florissant, Mo.

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