Northeast Credit Unions Team Up for YouTube Video Contest

In an effort to promote responsible credit and debit card usage among college students, credit unions from New York, New Jersey, and Connecticut are hosting an online video contest.  The campaign, called Get Carducated, invites college students or college-bound students between the ages of 16-21 to “make a short video about the importance of using debit, credit and/or ATM cards responsibly.”  The winners will be determined by the number of views the videos receive by October 31, 2010; the videos with the most views will be among three winners.

While there have been numerous video contests hosted by financial institutions, this effort is noteworthy for a few important reasons.  First, the effort involves sixty-seven credit unions across three states; the overall effort is sponsored (and appears to be organized) by Covera Card Solutions.  Second, the contest’s website (www.getcarducated.com) is memorable (both the web address and actual site are memorable), it’s simple, and it’s likely to appeal to the target demographic.  Third, the prizes – including a college scholarship, MacBook, and iPhone – are real incentives for 16-21 year olds to participate in the contest.  Additionally, the contest is not a contest where viewers vote on their favorite video.  Rather, the winner will be determined by the number of total video views.

The contest recently launched, so as of now there aren’t any video submissions on the campaign’s YouTube channel page.  However, that is likely to change given the reach of the participating credit unions, who, according to Covera, will be receiving customized in-branch promotional materials to promote the contest.  And again, the incentive to participate should be enough to encourage a good number of entrants.

While there are some good elements to this campaign, there appear to be some missing pieces that would likely generate more awareness and allow the campaign to be more effective overall.  Most notably, is the absence of a real social media presence (beyond the use of YouTube to host the video entries).  Get Carducated does have a Facebook page, but the information is limited to an overview of the contest which was posted more than a month ago.  A search for “get carducated” and “carducator” on Twitter returned zero results.  In-branch promotions can only be expected to do so much, especially when the target audience is 16-21 year olds.  It seems that a more robust social media presence would do a lot to support this campaign.

The winners of the contest will be announced on November 1st.

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Credit Unioning

As awkward as it might sound, some people do use the term credit unioning. Most commonly, it’s used by credit union marketers as a replacement for the often-used and well-understood verb banking.  Those that use it usually make the argument that the term credit unioning somehow helps further differentiate credit unions from banks.  But in today’s marketplace – where the difference between credit unions and banks is often unclear, unknown, or misunderstood by many consumers – is the term helping to make that distinction, or is it further confusing consumers who may be  unfamiliar with credit unions and/or the term credit unioning?

The idea behind using the term credit unioning is not new (thanks to Open Source CU for sharing this Credit Unioning video from 1985).  And while discussion about the term’s use comes up from time to time in conversations with credit union marketers, I was prompted to write this post after watching this video from CU Grow.  The opening question, “What do you think about using the word bank as a verb?” certainly demonstrates that credit union marketers have given this idea some considerable thought.  At the same time, the justification for using and encouraging the use of the term is unclear.

The use of the verb has also translated into the names of online banking platforms as well.  As an example, Eastern Michigan Credit Union offers online credit unioning, but the homepage requires this description: “Welcome to Home Financial Services (aka HFS – Version 2.5.6). This is an Internet based financial service (I am sure you figured that out) offered to members of the Credit Union.”  It raises the question: is the effort to completely avoid the words bank and banking really just confusing consumers?

I’m reminded of a great article published by the Credit Union Times earlier this year called, Exclude the “Credit Union” to Save the Credit Union.  Sarah Snell Cooke, the author of the article, challenges readers to think about dropping the words “credit union” from their marketing efforts.  It’s a complete departure from the credit unioning argument.

Rather than trying to find additional ways to make the same-old bank vs. credit union argument in their marketing efforts, marketers would be better served finding ways to emphasize (or create) real differences that separate their individual institution  from all others – including both banks or credit unions.  Until then, consumers will continue to do their “banking” – most likely at an institution that really doesn’t seem much different from the rest.

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Banco Popular Looks to Shift Perceptions with Potential Name Change

As Crain’s Chicago Business reports, Banco Popular is testing a potential name change in the Chicagoland market in an effort to shift perceptions and appeal to non-Hispanic market segments.  According to the report, “Manuel Chinea, senior vice-president of retail banking operations at Banco Popular North America, says the current name makes many non-Hispanics believe the bank isn’t interested in their business.”  The bank will introduce the new name, Popular Community Bank, at its 14 Chicagoland branch locations in August.

While appealing to a broader audience appears to be the primary reason for the name change, the change is not without risk.  The name change could drive current customers away.  It may not be enough to attract a significant number of new customers.  It will likely dilute the bank’s current brand position.  And, in today’s marketplace – with so many name changes, mergers, and acquisitions – the change may raise questions about the overall condition of the bank.  The effort begs the question: Is the move from a different and recognizable name to a more generic and unremarkable name really what’s needed here?

In some ways, it feels like Banco Popular is looking for a quick fix with this effort.  A name change alone isn’t enough to completely shift perceptions.  Rather than focusing on the name change, it seems that the bank would be better off focusing on messaging and outreach targeting non-Hispanic customers.  With or without a name change, the bank’s marketing efforts will need to act as a driver in creating or reshaping peoples’ perceptions about the bank.  The name change seems like an unnecessary (not to mention costly, with the proposition to change the name at 97 branch locations) addition to the mix.

It sounds like Banco Popular expects to make a decision about whether the new name will be rolled out across the entire network after about six months of testing.   In the meantime, it will be interesting to see how the bank’s campaign supports the effort, how it’s received among Hispanic and non-Hispanic consumers, and perhaps most importantly – how the bank introduces and delivers a brand position that appeals to such a broad target.

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Umpqua Bank Promotes New Alberta Neighborhood Store in Portland

Over the past few months, I’ve watched construction progress on a new Umpqua Bank branch in my neighborhood in Portland.  The Alberta branch is set to open this week, and the efforts to generate awareness locally have been impressive.

In addition to promoting the branch opening on the Umpqua Bank website and  launching a branch-specific Facebook page, Umpqua Bank has also worked to generate awareness about the new branch in a few pretty innovative ways as well.  As an example, the bank’s Facebook page documents the branch team’s visits to local businesses, its random acts of kindness for businesses and people in the neighborhood, and volunteering at the local elementary school.   During the last week, flyers were distributed to local business owners letting them know about the branch’s opening – which will include food, drink and entertainment from a variety of local small businesses.

the plant delivered to my house announcing the new Umpqua Bank branch opening

As a neighborhood resident, I was surprised to find a small plant and note delivered by Umpqua Bank’s team to my doorstep yesterday.  The lead message on the note was: “It’s not every day that you get something nice from a bank.”  This was accompanied by an invitation to the branch “to say hello, pickup a free bag of Umpqua Blend coffee and bank like you live.”  On the chance that I didn’t know where the branch was located, the note also included a small map. The piece was well-branded, but also worked to promote another local small business; a stick in the dirt included the contact info of the business where the plant was purchased.

Perhaps most noteworthy, however, is the $10,000 Build Your Block Challenge, described by the bank as, “an opportunity for Alberta neighbors to share their ideas for neighborhood enhancements.”  Submissions will be accepted through the bank’s Facebook page from July 22nd until August 20th.  Umpqua Bank’s team will select three of those submissions, and allow the community to vote for their favorite from August 30th until September 10th.  A winner will be announced on September 15th.

The Alberta Umpqua Bank branch is set to open tomorrow.  Based on what I’ve seen thus far, I’d imagine that most will view the branch as a welcome addition to the neighborhood; I’m certainly looking forward to checking it out.

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Responding to the New Normal

Earlier this month, American Banker published an article by Larry Cohen titled, Viewpoint: Understanding the New ‘Normal’ for Consumers.  While were  “the new normal“  has become a commonly used phrase, both within and beyond financial services,  it seems to hold a different meaning for everyone using it.  In this case, Cohen refers to the new normal as it relates to shifts in consumer behaviors.  He offers the following insights in the article:

“The last two years ended a decade that changed the landscape of financial services. Huge uncertainties exist in the economy and, most importantly, among consumers. People tend to make changes slowly, but inexorably, by almost all measures and in most areas, they are changing. Examining the shifts in the interconnected trends of demographics, products, services, channel use, goals and financial attitudes over the past two decades can yield significant insights into how and why consumers are changing — and where they are headed.

We are all entitled to our own opinions but not our own facts. Some claim that consumers have not changed, but our examination of comprehensive consumer data, integrating trends within components including demographics, financial attitudes, product incidences and use — along with life stages and triggers like life events — found significant evidence of consumer change. And based on our long-term experience analyzing these trends, the shifts pervade virtually every financial need.”

As Cohen suggests, an evaluation of shifts over the past two decades may yield significant insights.  But because consumer behaviors have been impacted so dramatically by recent shifts in the economy, an evaluation of changes and trends in consumer behaviors over the past two years is likely to yield more relevant and timely insights than one spanning decades.

Further, because we have experienced such dramatic change in the past couple years, it’s amazing to think that “some claim that consumers have not changed.”  These people are either not paying attention or are in denial; consumer attitudes and behaviors have changed.  Now, marketers are challenged with what to do next.  The new normal requires us to look at post-recession consumer behaviors (more on the post-recession consumer can be found here and here).

As Cohen suggests, demographics, products, services, channel use, goals and financial attitudes have changed.  It’s likely that they’ll continue to change.  But acknowledging these changes is only the first step.  More important than recognizing the change is the response with which that change is met.  How will you respond?

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From fan to like: Facebook changes require institutions to tweak their messages

There has been a lot of talk this week about changes happening with Facebook.  Much of the talk is centered around Facebook’s decision to change a feature used by most credit unions and community banks with Facebook accounts.  No longer will people interested in showing support for an organization (like a financial institution)  ’become a fan’ of that organization.  Rather, they’ll show support by clicking a ‘like’ button instead. 

All of this is part of Facebook’s efforts to place more emphasis on the like feature and introduce it to other websites, blogs, and publications.  If you’re not familiar with Facebook, this may not be relevant.  For those that do have Facebook accounts for their banks or credit unions, it’s time to tweak your messages to reflect these changes.

Truliant Credit Union is on the ball.  Truliant Credit Union has changed it’s message from asking visitors to ‘become a fan of Truliant’ to ’Like Truliant on Facebook.’  It’s a simple change, but one that needs to be made to reflect the changes Facebook has made.

On the other hand, most other institutions have yet to change the become a fan message.  As an example, Day Air Credit Union has an advertisement on its Facebook page that relies heavily on the use of the word fan and the become a fan call to action.   Day Air Credit Union is not alone; a quick search online returned several institutions using the become a fan message on their Facebook pages and on their institutions’ websites.

While this change may frustrate some, it’s a great example of how companies using social media platforms need to monitor and adapt to unexpected changes.  For institutions like Truliant, the quick change demonstrates responsiveness and keeps the institution’s messages relevant.  For some others, unfortunately, we’ll likely see slow change or no change at all.  And those who don’t respond quickly risk negative effects of disconnected and outdated marketing messages.

If your institution uses the become a fan message in its marketing messages, take some time this week and make the necessary changes. 

On a side note – once the dust settles, it will be interesting to see how organizations refer to the group formerly referred to as fans.  As a friend asked me yesterday, will these people become ‘likers’?

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Social Media: An Opportunity to Listen

A couple weeks ago, I came across the article Foursquare Promotion Nets this Bank Positive Results written by Jason Sherrill from Inetsolution.  The brief article highlighted North Shore Bank’s (Brookfield, WI) use of Foursquare, and directed readers to a previous article he wrote called An idea for banks and credit unions to use Foursquare.

More recently, Luke Owen from Truebridge Financial Marketing published the article Can Foursquare be the saving grace for a banks fading branch traffic?  Again, the article centered on North Shore Bank’s use of Foursquare. 

These articles prompted me to reach out to Tim Gluth and Kate Knox from North Shore Bank to learn more about the bank’s use of Foursquare, but more broadly, about the bank’s social media efforts in general.  While our conversation initially focused in Twitter and Foursquare (for some good background information about the bank’s use of Foursquare, please check out the articles written by Jason and Luke), I was most impressed with something Kate mentioned during our call:

“We see our involvement with social media as an opportunity to listen”

In financial services, where many social media efforts are dominated by one-way conversations, it was refreshing to hear this.  Unfortunately, many institutions have it backwards.  Rather than viewing social media as an extension of the conversations they’re already having, they view social media as another venue to promote their marketing messages – most of which are nothing more than one-way communications.  There’s nothing social about these efforts.

In my conversations with Tim and Kate, we talked about an initial step they took that was different from how I’ve seen most marketers start their social media efforts.  Both Tim and Kate became personally involved with social media before launching an effort on behalf of the bank.  And, they used this time as an opportunity to observe how other companies – both within and outside of financial services – used social media to enhance their marketing efforts.   In my mind, this separates North Shore Bank’s efforts from the rest – it gave them an understanding of how to effectively use social media, and they’ve been rightly recognized for these efforts.

I’d like to see more financial services executives and marketers become involved initially in social media as active observers – taking time to really listen.   This requires patience and restraint, but it pays off in the end.

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Fremont, Ohio Bank Marketer Demonstrates Commitment to the Community

Last month, I read an article about a bank marketer taking big steps to demonstrate a commitment to the bank’s community.  Rather than simply talking about the bank’s commitment to the local small businesses and the community in advertisements and traditional marketing efforts, Michelle McGovern, Marketing Director at Fremont, OH based Croghan Colonial Bank, put a message about community support into action. 

In an effort to help local businesses market themselves more effectively, Michelle made a choice to reallocate marketing dollars from advertising to a fund that would send a group of small business owners to a marketing bootcamp.  After reading about Crogahan Colonial Bank’s efforts, I reached out to Michelle to learn more about why this is important, how she got involved, and what the bank hopes to see from this investment as a result.  Read my questions and her responses below:

Background about the campaign

It really was a EUREEKA moment where a lot of little things came together at once.

For two years, the Downtown Fremont Executive Director, Angie Morelock, tried to get a grant to send small business owners to Jon Schallert’s Community Reinvention Program. The program shows small business owners how to apply some serious marketing savvy so they can stand out in their marketplace. It allows at least 6 geographically linked business owners to travel to Colorado for an intense 20-hour training workshop, ongoing consulting support, an onsite visit and a follow-up community workshop.

I initially got involved because our headquarters is located in downtown Fremont. We can see firsthand how the economy is affecting the businesses just by being aware of what’s going on around us. Several of my coworkers are on the Downtown Fremont promotions committee and I worked with Angie on the most recent grant request to get the funds for the program. I’ve even done small workshops myself to help the business owners market themselves more effectively and was always in support of Angie’s efforts to send the businesses to Jon Schallert’s program. Since the community was insulated a bit from the economic downturn, its effects weren’t really apparent until early 2009. That’s when the sense of urgency for the program kicked in for everyone involved.

When I learned that Angie’s most recent grant request was turned down in favor of more socially relevant causes, I knew the bank had to step in. I was in the middle of business planning, trying to figure out how to re-engage a public who had really grown weary of the financial industry over the past 18 months. The marketplace was full of competitor “We’re Strong and Stable” bank ads accompanying unnaturally high CD rate promotions to drive in some much needed liquidity. In the aftermath of the financial crisis and in light of the competitive environment, we hadn’t used our 2009 advertising budget much in favor of more grassroots efforts. In short, we knew the small business effort was the right thing to do and we jumped on it. With some quick reallocation, we were able to create the “Croghan Colonial Bank Small Business Reinvention Scholarship” to provide the funds Angie was hoping for with the grant request.

What kind of investment was required?

It costs $11,563 to run one ad in all our market papers telling people how much we build our local communities. It costs $10,500 to send 6 businesses through Jon’s Community Reinvention Program. [NOTE: Initially, we were going to send 6 business owners and the Downtown Fremont Executive Director. When we received 7 applications from business owners, we decided to send all 7. So, our total investment was $12,000.] From my perspective, there is no better way to grow our business than to help others grow theirs.

The justification here was simple: do we run an ad saying that we build a community or do we actually build one? Realistically, we could say anything we want about who we are in our advertising…and it may mean a little. But our taking action in this case speaks volumes about who we are without having to run a single ad or say a single word. It’s experiential and infinitely more credible. Ultimately, the choice was clear.

What do you hope to see as results of this effort?

• More profitable downtown businesses with increased cash flows.
• Sustained growth in the downtown retail district (of which we are a part).
• Increased media exposure that we didn’t have to pay for.
• Stronger public and shareholder perception.
• Sustained increased deposit base within the downtown business district (already increased by 17%)
• Viable campaign we can use to impact other communities we serve.

Did you experience resistance internally to the idea? 

At this point, no. However, I started building grassroots programs with the bank over 6 years ago. We started small; hosting a chicken barbeque for a local charity so they could raise their own money instead of us giving them a $50 donation, for example. Or arranging to give the local food pantry a sack of groceries for every sack the football team got at home games. We gradually developed the grassroots marketing efforts to the point that senior management unflinchingly supported this outreach.

Why do you favor non-traditional efforts like this over traditional marketing like advertising?

With traditional advertising, it’s you alone trying to convince a free marketplace to do business with you. You have to battle natural skepticism, the competitive climate, timing, relevance, and the personal mindset of your target market. Most recently, my company has also had to battle with the negative perception of the entire financial industry. It’s daunting at best; expensive and ineffective at worst.

Non-traditional or grassroots marketing allows you to invite consumers and influencers in your key markets to care so much about what you’re doing that they become your most vocal supporters. Suddenly, you have a credible, voluntary sales force that is carrying your message forward with more velocity than a single marketing department could manage. By being a valuable resource and helping tie our business objectives to the community’s needs, we create a win for everyone. Ultimately, this leads to loyal consumers, enhanced reputation, strengthened awareness and increased sales.

—–

In today’s competitive environment, where we see the same messages promoted by so many financial institutions (many of which aren’t supported), it’s refreshing and encouraging to see the steps that Michelle and her team at Croghan Colonial Bank are taking to demonstrate a commitment to the Fremont community.  In my mind, the biggest takeaway here for financial services marketers is the question Michelle posed to justify the spend on the initiative:

“The justification here was simple: do we run an ad saying that we build a community or do we actually build one?”

This is a great example of moving beyond simply telling people about an institution through advertising – instead, they’re demonstrating the bank’s unique value added and difference from other institutions.  It’s just like the saying: “actions speak louder than words.”  As a result, Croghan Colonial Bank is likely to achieve its goals – which would prove difficult, if not impossible if the bank had chosen to run an advertisement instead. 

Thanks Michelle and Croghan Colonial Bank, we’ll look forward to following the progress of this effort.

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How many financial institutions will abandon Facebook and Twitter in 2010?

Remember all the buzz about MySpace? 

Since sometime in 2007, when MySpace was on the minds of so many marketers, the popularity of MySpace among financial institutions has obviously gone downhill.  Some marketers have migrated to Facebook and/or Twitter, and some seem to have abandoned social media all together.  While the conversation about social media continues to be a hot topic, I haven’t heard about any financial institutions that have recently launched, or are planning to launch a MySpace page.  The conversations about MySpace aren’t happening anymore (if they are, let me know).

It raises the question:  What happened to financial institutions using MySpace?

Searching MySpace for ‘bank’ or ‘community bank’ doesn’t return many/any relevant results.  In searching for ‘credit union’, however, MySpace returns 151 results – many of which appear to be actual credit union or credit union related MySpace pages. 

One of MySpace’s most interesting features is the ability to see when a person/company last logged-in to their account.  While the search for credit unions returned quite a few existing credit union pages, many are no longer active – it seems that many have simply been abandoned.  A few examples:  

• Amplify Credit Union is no longer updating its MySpace page, it instead directs visitors to check visit the CU on Facebook and Twitter.  Last login: 8/3/2009
• Mohave Community Credit Union hasn’t logged-in since 12/16/2008
• Secure First Credit Union hasn’t logged-in since 6/26/2007

While there are some credit unions that appear to be actively using (or at least checking) their MySpace pages (like Lancaster Red Rose CU, Meadville Area FCU, and Cal State LA FCU), most institutions appear to have gained little traction with their pages.  This is reflected in the few posts and friends, and time since last logging in.  And instead of deleting their accounts, many have opted to simply walk away – leaving behind evidence that suggests a failed effort.

If you have an inactive MySpace page, it’s time to take it down.  It reflects poorly on your brand to have an outdated and inactive MySpace page.  Social media is meant to be a two-way conversation; if you’re not contributing the the conversation through the site, there’s really no point in keeping the page alive.  Until you take it down, it will continue to show up in search results, people will continue to visit the site, and it will continue to shape peoples’ perceptions about your institution. 

I’m sure there are a number of reasons why the pages were abandoned.  Among these, I would expect:

• There were no goals established before launching the page. You can only walk aimlessly for so long.
• People simply hopped on the MySpace bandwagon.  When the excitement died, so did the effort.
• Social media efforts take more time and resources than expected.  They aren’t ‘free’, and at some point (likely around that last log-in date) someone probably wanted to see evidence of a return on the invested resources.
• The person responsible for the site no longer works for the institution, and didn’t bother to remind their colleagues about the site.
• Facebook and Twitter are ‘cooler’ than MySpace.  Some of these institutions have probably reallocated their social media resources to these two platforms – which brings us to an important question:

How many financial institutions will abandon their Facebook pages and Twitter accounts in 2010?

For the same reasons outlined above with MySpace, I’d expect that we’ll see quite a few financial institutions abandon their Facebook pages and Twitter accounts in 2010.  While many institutions are using these two platforms in clever and effective ways, others are not – they’re not gaining the kind of traction necessary to generate results.  In fact, I wouldn’t be surprised to learn that some institutions’ social media efforts were canned at the end of 2009 after not showing any return on investment. 

It will be interesting to look back on the year and see if there’s any evidence of this.  I wonder if any industry trend analysts are tracking the number of shuttered Facebook and Twitter accounts alongside those that are launched.

To those institutions still thinking about entering the social media arena, learn why you don’t need to be on Facebook, and you don’t need a Twitter account.

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What if financial institutions tapped the power of Groupon?

Groupon has received quite a bit of attention in recent months.  And over the holidays, as the company was featured in numerous news broadcasts, I started thinking about if and how financial institutions could tap the power of Groupon.

Groupon, for those that aren’t familiar with the concept, is a company that is built around ’collective buying power.’  Basically, companies looking to offer a deal of some sort sign up with Groupon to sell a block of coupons or discounts to a group of people.  The company sets a threshold for the number of coupons/discounts that must be sold, and once that threshold is met, the group of people who purchased it is awarded the ‘Groupon’.  If the threshold isn’t met, the deal doesn’t become a real offer.  And, Groupons are location specific – giving people access to deals with local businesses.

As of today, over 1.2 million Groupons have been sold to save customers $62 million.

You can see how Groupon works on the business side here

Info about the consumer side of Groupon can be found here

Not surprisingly, restaurants and bars seem to be the businesses that are seeing the most success with Groupon.  At the same time, other service businesses like chiropractors, hair stylists, and auto mechanics are finding success with Groupon as well.  So what would it look like if financial institutions tapped the power of Groupon? Here’s a few of my ideas:

• Instead of offering a $50 bonus to any new customer for opening up a checking account, offer a Groupon for $10 (or some small, reasonable amount) that can be exchanged by the consumer for a checking account with an initial $100 deposit from the financial institution.
• Offer a Groupon for an attractive CD rate.  Consumers would purchase the Groupon that outlines the requirements (ie. minimum/maximum dollar amount, terms, rates, etc.) for a worthwhile price.  The financial institution would then ensure that the higher rates could be justified with the guarantee of a certain number of people opening those accounts.  (on a side note, what if Groupon had a sliding scale – letting institutions offer better and better rates as more people signed up for the offer?)
• Partner with a local business.  Instead of offering a financial product or service Groupon, imagine if the financial institution sponsored another local business’ Groupon, where  the consumer would have to visit the sponsoring institution’s branch to have the Groupon stamped by an employee before it’s valid.  If the deal is too good to pass up, consumers will jump through the hoops to get the deals. 

There’s a number of ways financial institutions could tap the power of Groupon; these are only a few.  Now, the important question:  Why would a financial institution want to use Groupon?  Here’s a few reasons that come to mind:

• It guarantees that a certain number of people will participate in the offer.  Do the math, figure out what the threshold needs to be, and it’s a win-win.
• People pay for the offer up front.  In my mind, this would suggest that they’re more invested than a random person who recieves a direct mail piece that contains a similar offer.  Perhaps this would lead to a greater likleyhood of retention.
• Buzz: people who purchase the Groupon want to be awarded the deal – so they’ll tell their friends about it.  This makes it more likely that you’ll sell more, but it also gets your name out there.
• You’ll likely reach people through Groupon that you wouldn’t reach through traditional marketing efforts
• Chances are, financial institutions aren’t using Groupon in your markets.  This may be an opportunity to offer something in a different way than your competition.
• Groupon describes its users as: savvy, young, hip, active, college-educated, social media users.  This represents an attractive target for many community banks and credit unions.

As Groupon continues to gain traction, it will be interesting to see if/when financial institutions find a way to leverage the idea to their advantage. 

Note: I do not have any affiliation with Groupon, and neither does Market Insights.  And I’m not sure if Groupon allows financial institutions to participate – this post is simply something to think about and prompt conversation.

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