ATLANTA/BOSTON–FI Navigator Corp. and Sievewright & Associates said they have entered into an agreement to provide credit unions with a comprehensive mobile banking benchmarking solution via a report that provides data for a three-year period as of March 31, 2017.
The report includes 2,900 U.S. credit unions offering a retail mobile banking application and the nearly 50 vendors that serve them, the organizations said.
Highlights from the initial joint “Retail Mobile Banking Performance” report include:
- The average credit union released its initial retail mobile banking app 3.51 years ago and 95.4% above $100 million in assets offer an app.
- Member enrollment for credit unions exceeding $10 billion in assets is nearly 28% higher than those in the smallest asset segment. The report includes Institution Analytics around mobile adoption, member enrollment, member satisfaction, mobile features, feature impact and churn rates (vendor turnover).
- Credit unions switching vendors in the past year averaged just 54.3% of the enrollment to members of non-converting institutions. The report includes Vendor Analytics providing analyses of market share, market share accretion, churn rates, member enrollment, member satisfaction and client demographics – all leveraging multiple metrics.
“The rapid digital transformation of financial services requires credit unions to prioritize their mobile banking and mobile payments investments and assess their own performance in these critical areas,” Sievewright & Associates founder, Mark Sievewright said. “The Retail Mobile Banking Performance product developed by FI Navigator provides unique, in-depth quantitative analysis of mobile banking trends, performance and consumer ratings. I’m delighted to collaborate with FI Navigator by augmenting their data and findings with perspectives that can help credit unions develop and execute successful mobile banking strategies which, in turn, will enable them to drive business growth and capitalize on innovation.”
FI Navigator’s CEO and founder Steve Cotton added, “Credit union executives understand the critical importance of effecting their institutions’ digital transformation. The mobile channel is at the forefront of that transformation, but peer context for mobile performance and offering is lacking. Through Retail Mobile Banking Performance, these executives gain the abilities to answer ‘How are we doing?’ in mobile banking and develop strategies to keep pace in this rapidly evolving channel. We’re privileged to team with Sievewright & Associates to help credit unions continue their leadership of mobile banking’s evolution.”
The “Retail Mobile Banking Performance” report is now available to credit unions. For info: http://finav.co/cumobile.