It is Up to You and Us! The Algorithmic Effect of an Echo Chamber on You
A physical echo chamber is a room traditionally used by sound recording studios to simulate the echo effect of large spaces, such as a concert hall. In an echo chamber, when you say something, the same message reverberates back to you.
What is the Algorithmic effect of an Echo Chamber?
All interactions between humans and broadcasting are intended to keep you consuming information. This works with TV and now much more through the internet and social media. For these media outlets to be successful, they have an ever-evolving algorithm tailored to you running in the background of your profile. It is predictive, pervasive, and persuasive to lead you down a gorging path with the intention to maximize advertisement revenue. This self-created environment ensures that you only encounter information or opinions that reflect and reinforce your own which may have an unintended negative effect.
Here is the rub: How these systems are set up has created a divisive and polarizing effect of far greater magnitude than we have seen in the past. The truth of the matter is you, me, we are the problem with this societal disconnect. It takes great awareness and emotional intelligence to understand that you are always in an echo chamber while consuming things that you like. Changing the perspective or algorithm requires us, as individuals, do the work!
Cancel the Echo – It is Up to You!
You are in an echo chamber… Period. The only way to remove yourself from this channel of information is by not using technology in a way that leads to unintended consequences. The first step is understanding this is all dependent upon you. As your head comes out of the sand, new viewpoints are discovered if you:
- Follow opposing news channels.
- Find and follow independent journalists.
- Check out opposing view groups.
- Fact check your own news groups as well as others.
- Read whole articles- headlines and clips are not news.
- Challenge yourself to find and watch full interviews.
- Read scholarly articles on subjects (https://scholar.google.com).
You will always scroll your way back into an echo chamber, so set a monthly reminder or a meeting to check yourself. Actively engage your social activities on subjects outside of your norm. Use empathy and circumstantial awareness to create proper discourse. Remember, this is a self-awareness activity that all should take part in to remove themselves from their egotistical rut and cancel echo chamber.
Cancel the Echo – It is Up to Us
Echo Chambers Impact Credit Unions
Financial institutions often cater to a specific demographic, leaving individuals underserved or excluded from mainstream financial services. This exclusion contributes to the echo chamber effect, where people are only exposed to financial information that aligns with their current situation and beliefs.
However, credit unions are different and operate with a community-centric approach, aiming to serve the financial needs of all members, regardless of their socio-economic background. And because of that, there are myths or false narratives that have created a credit union echo chamber:
- Credit unions are exclusive, as you must be in a union to join.
- Credit unions are too small to compete.
- Credit unions are technologically outdated and are not innovative.
- Credit unions are not stable financial institutions.
- Credit unions lack the means to be accessible to all.
How Do Echo Chambers Impact Credit Unions?
Do not be fooled. These myths exist. False narratives will overshadow the truth if we do not actively engage in positive messaging through channels that members consume information.
“We must all work together to share the mission and vision of credit unions as a whole and your credit union individually,” stated Susan Mitchell, President of Mitchell, Stankovic and Associates.
“We’re at a crucial moment in the financial services industry where we need to share as much positive and truthful information about credit unions as possible and in whatever way we can.”
Cancel the Credit Union Echo Chamber
Now is the time to challenge the story about credit unions in our communities. Use member data to learn more about their social media, reading, TV and consumption habits. Find ways to enter their echo chambers and tell the credit union story based upon where they get information. It will take work, but with GenAI on a fast track to further amplify the echo, this is the time to act!
“Without diverse or robust conversations, there is no real thought leadership. Instead, it can be Peter Piper all over again. Which one are you? An informed leader or a consumer of destructive simplification stated in 30 seconds or less,” states Mitchell.
“We built the Underground to challenge the norm, to have constructive and authentic conversations about things that matter in our industry. And we are looking closer at how to attack inflammatory echo chambers.”
Join us at the Underground Collision SPIN: Cancel the Echo Chamber on March 3, 2024, in Washington D.C.