Leveraging mobile banking data and analytics covering over 7,000 financial institutions, FI Navigator selects 291 top performing community institutions by asset segment
ATLANTA – While mobile banking research typically focuses on the largest financial institutions, over 7,000 U.S. financial institutions currently offer a retail mobile banking application. FI Navigator has leveraged its unique banking vertical data and analytics platform to provide overdue recognition to the top performing community banks and credit unions (less than $10 billion in total assets) in retail mobile banking.
Winning institutions achieved top decile performance in customer enrollment within their asset segment by institution type, realized average app ratings exceeding 4.0 (on a 5-point scale) and offered a mobile banking feature set meeting or exceeding peer standards. Just 4.2 percent of all community institutions offering a retail mobile banking application met the Retail Mobile Banking Navigator award criteria. The 291 winning institutions consisted of 169 banks and 122 credit unions distributed into four assets segments ranging from less than $100 million up to $1 billion to $10 billion. For a complete listing of the Retail Mobile Banking Navigator award recipients by institution type and asset segments, visit: https://finav.co/RMBNavigators17
FI Navigator’s CEO and founder, Steve Cotton, said, “Community institutions typically haven’t been the focus of market research or recognition in the industry’s digital transformation. Outside of the spotlight, these Retail Mobile Banking Navigator award recipients have collaborated with their vendor partners to effectively leverage the mobile channel. We are delighted to recognize their innovation and achievements.”
The extensive research foundation for the Navigator awards is contained in FI Navigator’s recently published “Retail Mobile Banking Performance”benchmarking reports for banks and credit unions which includes:
- Industry Coverage of 7,118 financial institutions offering 17,698 retail mobile banking apps through 55 hosted mobile vendors. Those apps have generated 256 million downloads and garnered 3.6 million reviews.
- Retail Mobile Banking Benchmarks including mobile adoption, customer enrollment, customer satisfaction, mobile feature provision, feature impact and churn rates (vendor turnover).
- 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.
- Vendor Analytics providing analyses of market share, market share accretion, churn rates, member enrollment, member satisfaction and client demographics – all leveraging multiple metrics.
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.