Mobile Banking Benchmarking for Credit Unions
The average credit union released its initial retail mobile banking app 3.51 years ago and 95.4% above $100 million in assets offer a mobile app according to a new benchmarking solution.
Atlanta-based FI Navigator Corporation and Boston-based Sievewright & Associates collaborated to offer credit unions a comprehensive mobile banking benchmarking report, which provides data for a three-year period as of March 31, 2017, covering some 2,847 U.S. credit unions and 45 hosted mobile vendors.
Commenting on the agreement, credit union movement Sievewright & Associates founder, Mark Sievewright said, “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. The Retail Mobile Banking Performance product developed by FI Navigator provides unique, in-depth quantitative analysis of mobile banking trends, performance and consumer ratings.”
FI Navigator’s CEO and founder, Steve Cotton, said, “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.”
Highlights from the initial joint “Retail Mobile Banking Performance” report include:
- Institution analytics including mobile adoption and features, member enrollment and satisfaction, mobile features, feature effect and churn rates (vendor turnover). Member enrollment for credit unions exceeding $10 billion in assets is nearly 28% higher than those in the smallest asset segment.
- Vendor analytics provides analyses of market share and accretion, churn rates, member enrollment and satisfaction and client demographics – all leveraging multiple metrics. Credit unions switching vendors in the past year averaged just 54.3%.
- Feature provision by asset segment covering nearly 40 features in feature segments including basic and enhanced banking, mobile and quick access, payments, fraud management, and support and information. In addition, feature leader boards pinpoint the most frequently added features for different time horizons such as quick balance with 482 additions by credit unions in the past year.
- Performance graphics with 39 current and historical mobile banking performance charts included in the institution and vendor analytics.