Unprecedented data and analytics provide credit unions with valuable insights on their mobile banking performance and offering

ATLANTA – FI Navigator Corporation and Sievewright & Associates have entered into an agreement to provide credit unions with the most comprehensive mobile banking benchmarking solution. The report provides data for a three-year period as of March 31, 2017 covering the nearly 2,900 U.S. credit unions offering a retail mobile banking application and the nearly 50 vendors that serve them.

Commenting on the collaboration, credit union movement thought-leader and 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. 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, 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. We’re privileged to team with Sievewright & Associates to help credit unions continue their leadership of mobile banking’s evolution.”

Highlights from the initial joint “Retail Mobile Banking Performance” report include:

  • Industry Coverage of 2,847 credit unions offering retail mobile banking apps and 45 hosted mobile vendors. The average credit union released its initial retail mobile banking app 3.51 years ago and 95.4 percent above $100 million in assets offer an app;
  • Institution Analytics including mobile adoption, member enrollment, member satisfaction, mobile features, feature impact and churn rates (vendor turnover). Member enrollment for credit unions exceeding $10 billion in assets is nearly 28 percent higher than those in the smallest asset segment;
  • Vendor Analytics providing analyses of market share, market share accretion, churn rates, member enrollment, member satisfaction and client demographics – all leveraging multiple metrics. Credit unions switching vendors in the past year averaged just 54.3 percent of the enrollment to members of non-converting institutions;
  • Feature Provision by asset segment covering nearly 40 features in feature segments including Basic Banking, Enhanced Banking, Mobile Access, Quick Access, Payments, Fraud Management and Support & Information. In addition, Feature Leaderboards pinpointing 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.

The “Retail Mobile Banking Performance” report is now available to credit unions. For more information, visit http://finav.co/cumobile.

About FI Navigator

FI Navigator provides a web-based bank data and analytics platform for the banking vertical delivering institution-specific insights and industrywide research to FinTech providers and financial institutions. By integrating unstructured website data and conventional financial institution data, FI Navigator expands the depth of peer analytics and the breadth of market research to create vertical analytics on more than 13,000 financial institutions and their technology providers. The platform’s initial mobile banking data and analytics module provides unprecedented vertical intelligence on the nearly 7,000 financial institutions with identified vendor providers. The online banking module covers over 10,000 financial institutions and over 60 vendor solutions. For more information, visit www.fi-navigator.com or follow the company on LinkedIn at www.linkedin.com/company/fi-navigator-corporation and Twitter @FINavigator.

About Sievewright & Associates

With more than 30 years of financial services experience, Sievewright is a renowned industry thought-leader who has held senior leadership positions at HSBC, MasterCard International (where he led the firm’s commercial services division in the EMEA region), Payment Systems Inc. (where he served as CEO), TowerGroup (where he served as CEO) and Fiserv (where he served as vice chairman and president of the company’s Credit Union Solutions division). Sievewright has worked directly with numerous credit unions in the successful formulation and execution of their strategic plans and is the recipient of a number of industry awards. For example, in 2010, he was merited the Ambassador Award by the World Council of Credit Unions (WOCCU). For more information, visit: http://sievewrightandassociates.com/company and follow Mark on Twitter at @msieve or on LinkedIn https://www.linkedin.com/in/mark-sievewright-1212591/