Retail Mobile Banking Performance

September 30, 2017

U.S. Credit Union & Vendor Benchmarks

Comprehensive Performance Benchmarks for Retail Mobile Banking

Mobile is revolutionizing banking. In less than a decade from the release of the industry’s first apps, mobile banking has evolved from a mere banking accessory towards becoming the primary banking channel. The word is out, as digital transformation is a pressing priority in arguably every financial institution’s strategic plan. But in an industry that’s accustomed to having peer data, institution executives have lacked the context for evaluating their digital offering. The rapid pace of evolution makes timely, comparable data critically important – if not an outright competitive advantage.

FI Navigator Corporation has addressed this data deficiency through the development of proprietary banking vertical data and analytics platform with a specific focus on digital channels and offering. Validating the accuracy and uniqueness of the data, FI Navigator data subscribers include many of the mobile banking vendors highlighted herein and our vendor partners presently serve more than half of the mobile banking enrolled customers in the U.S.

Leveraging this data, FI Navigator has developed comprehensive performance benchmarking for retail mobile banking for credit unions in “Retail Mobile Banking Performance: Credit Union & Vendor Benchmarks”. The unprecedented research is enabled by comprehensive coverage of the 3,004 credit unions offering a retail mobile banking application and the 45 vendors providing hosted solutions over a three (3) year period ending September 30, 2017.

For the first time, financial institution executives are in a position to quantitatively answer “how are we doing?” when it comes to mobile banking performance. Additionally, institutions contemplating change can evaluate the performance of mobile banking vendors.

Applications of the research include:

Strategic Planning

 Performance Assessment

 Forecasting

 Product Strategy

Vendor Evaluation

The research is divided into two primary components: Institution Analytics and Vendor Analytics.

Institution Analytics focus on financial institution performance versus peer institutions defined by asset size or other segments (ex. institution type, mobile feature sets or mobile banking age). The peer analysis allows the user to identify performance exceptions that merit further investigation. The Institution Analytics include mobile adoption, member enrollment, member satisfaction, mobile features, feature impact and churn rates (vendor turnover).

Vendor Analytics focus on vendor performance versus other hosted retail mobile banking solution providers. The Vendor Analytics include analyses of market share, market share accretion, churn rates, member enrollment, member satisfaction and client demographics – all leveraging multiple metrics. The comparative analytics allow the user to identify performance exceptions amongst the competing vendors.

“Credit unions are no longer relegated to the back seat of mobile banking excellence. With the comprehensive research by FI Navigator, credit unions have the tools and the information to build a mobile banking experience that places us top of mind for our members and the top of tech in the financial industry.” Neighborhood Credit Union 

“The information presented during the webinar validated our recent decision to a new online banking provider.” Canyon State Credit Union

“The data is awesome! We believe that our APP is second to none in the value adds that reside on the APP – FICO Score – Automated skip-a-pay – Loan APPs – and much more.  We will soon be adding plastic card management – we could have had this a long time ago – but I don’t want my members going to another APP to have to access the information.” Montgomery County EFCU

“Thanks for the webinar and all the information, I’m glad this is telling us we are headed in the right direction.” ISU Credit Union 

“This provides our FI a point of beginning going forward.” Centric Federal Credit Union

Institutions can choose their report frequency with a single report option or enjoy discounts on multiple reports – bi-annual (2) or quarterly (4) – during a subscription year.

Financial Institution
Asset Size
Single
Report (1)
Bi-Annual
Report (2)
Quarterly
Report (4)
Less than $100M $900 $1,125 $1,800
$100M – $500M 1,200 1,500 2,400
$500M – $1B 1,500 1,875 3,000
$1B – $10B 1,800 2,250 3,600
Greater than $10B* Contact Us
Per Report Savings 37.50% 50.00%

Your satisfaction is 100% guaranteed. Refunds will be given upon request if received within two (2) days of purchase.
*Institutions over $10 billion in assets should contact us for purchase options.

Order Now

FI Navigator provides a web-based 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.

FI Navigator clients include the leading vendors for hosted digital channels banking solutions to U.S. financial institutions. Their subscribing clients represent more than half of the Top 10 mobile banking vendors which in turn service nearly half of the U.S. financial institutions offering retail mobile banking applications.

The platform’s initial retail mobile banking data and analytics module provides unprecedented vertical intelligence on over 7,000 banks and credit unions with identified vendor providers. The online banking module covers over 10,000 financial institutions and over 60 vendor solutions.

CEO & founder Steve Cotton authored Retail Mobile Banking Performance and also founded BancIntelligence.com (now part of Fiserv). Steve has devoted his entire career to evolving the science of financial institution performance analysis.

With more than 30 years of financial services experience, Mark 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).

+ Description

Comprehensive Performance Benchmarks for Retail Mobile Banking

Mobile is revolutionizing banking. In less than a decade from the release of the industry’s first apps, mobile banking has evolved from a mere banking accessory towards becoming the primary banking channel. The word is out, as digital transformation is a pressing priority in arguably every financial institution’s strategic plan. But in an industry that’s accustomed to having peer data, institution executives have lacked the context for evaluating their digital offering. The rapid pace of evolution makes timely, comparable data critically important – if not an outright competitive advantage.

FI Navigator Corporation has addressed this data deficiency through the development of proprietary banking vertical data and analytics platform with a specific focus on digital channels and offering. Validating the accuracy and uniqueness of the data, FI Navigator data subscribers include many of the mobile banking vendors highlighted herein and our vendor partners presently serve more than half of the mobile banking enrolled customers in the U.S.

Leveraging this data, FI Navigator has developed comprehensive performance benchmarking for retail mobile banking for credit unions in “Retail Mobile Banking Performance: Credit Union & Vendor Benchmarks”. The unprecedented research is enabled by comprehensive coverage of the 3,004 credit unions offering a retail mobile banking application and the 45 vendors providing hosted solutions over a three (3) year period ending September 30, 2017.

For the first time, financial institution executives are in a position to quantitatively answer “how are we doing?” when it comes to mobile banking performance. Additionally, institutions contemplating change can evaluate the performance of mobile banking vendors.

+ Applications

Applications of the research include:

Strategic Planning

 Performance Assessment

 Forecasting

 Product Strategy

Vendor Evaluation

The research is divided into two primary components: Institution Analytics and Vendor Analytics.

Institution Analytics focus on financial institution performance versus peer institutions defined by asset size or other segments (ex. institution type, mobile feature sets or mobile banking age). The peer analysis allows the user to identify performance exceptions that merit further investigation. The Institution Analytics include mobile adoption, member enrollment, member satisfaction, mobile features, feature impact and churn rates (vendor turnover).

Vendor Analytics focus on vendor performance versus other hosted retail mobile banking solution providers. The Vendor Analytics include analyses of market share, market share accretion, churn rates, member enrollment, member satisfaction and client demographics – all leveraging multiple metrics. The comparative analytics allow the user to identify performance exceptions amongst the competing vendors.

+ Testimonials

“Credit unions are no longer relegated to the back seat of mobile banking excellence. With the comprehensive research by FI Navigator, credit unions have the tools and the information to build a mobile banking experience that places us top of mind for our members and the top of tech in the financial industry.” Neighborhood Credit Union 

“The information presented during the webinar validated our recent decision to a new online banking provider.” Canyon State Credit Union

“The data is awesome! We believe that our APP is second to none in the value adds that reside on the APP – FICO Score – Automated skip-a-pay – Loan APPs – and much more.  We will soon be adding plastic card management – we could have had this a long time ago – but I don’t want my members going to another APP to have to access the information.” Montgomery County EFCU

“Thanks for the webinar and all the information, I’m glad this is telling us we are headed in the right direction.” ISU Credit Union 

“This provides our FI a point of beginning going forward.” Centric Federal Credit Union

+ Pricing

Institutions can choose their report frequency with a single report option or enjoy discounts on multiple reports – bi-annual (2) or quarterly (4) – during a subscription year.

Financial Institution
Asset Size
Single
Report (1)
Bi-Annual
Report (2)
Quarterly
Report (4)
Less than $100M $900 $1,125 $1,800
$100M – $500M 1,200 1,500 2,400
$500M – $1B 1,500 1,875 3,000
$1B – $10B 1,800 2,250 3,600
Greater than $10B* Contact Us
Per Report Savings 37.50% 50.00%

Your satisfaction is 100% guaranteed. Refunds will be given upon request if received within two (2) days of purchase.
*Institutions over $10 billion in assets should contact us for purchase options.

Order Now

+ About FIN

FI Navigator provides a web-based 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.

FI Navigator clients include the leading vendors for hosted digital channels banking solutions to U.S. financial institutions. Their subscribing clients represent more than half of the Top 10 mobile banking vendors which in turn service nearly half of the U.S. financial institutions offering retail mobile banking applications.

The platform’s initial retail mobile banking data and analytics module provides unprecedented vertical intelligence on over 7,000 banks and credit unions with identified vendor providers. The online banking module covers over 10,000 financial institutions and over 60 vendor solutions.

CEO & founder Steve Cotton authored Retail Mobile Banking Performance and also founded BancIntelligence.com (now part of Fiserv). Steve has devoted his entire career to evolving the science of financial institution performance analysis.

+ About S&A

With more than 30 years of financial services experience, Mark 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).