Comprehensive research provides community banks with quantitative assessment of their mobile banking performance and offering

ATLANTA – FI Navigator has released “Retail Mobile Banking Performance – Bank & Vendor Benchmarks”, which provides community banks unprecedented access to quantitative analysis of mobile banking performance for the 4,271 U.S. banks as of March 31, 2017. In addition, the research examines the performance of the 30 hosted solution providers serving the majority of these institutions.

Leveraging FI Navigator’s mobile banking data and analytics module, the latest report details the evolution U.S. mobile banking performance over a three-year span. Innovative performance benchmarks are provided for institutions and vendors.

Providing innovative performance benchmarks, the 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 Institution Analytics include mobile adoption, customer enrollment, customer satisfaction, mobile features, feature impact on performance and churn rates (vendor turnover).

Applicable to vendor assessment, the 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, customer enrollment, customer satisfaction and client demographics – all leveraging multiple metrics.

FI Navigator’s CEO and founder, Steve Cotton, said, “Mobile banking is without question a top strategic priority for community bank executives, but the data needed to formulate product strategy or assess performance has been unavailable. FI Navigator has addressed this data deficiency to provide community bank executives with the comprehensive, timely data needed to navigate their institutions’ digital transformation.”

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

  • Industry Coverage of 4,271 banks offering retail mobile banking apps and 30 hosted mobile vendors. The average bank released its initial retail mobile banking app 3.47 years ago and 75.4 percent of all banks offer an app;
  • Institution Analytics including mobile adoption, customer enrollment, customer satisfaction, mobile features, feature impact and churn rates (vendor turnover). Customer enrollment for banks exceeding $100 billion in assets is nearly 23 percent higher than those in the smallest asset segment;
  • Vendor Analytics providing analyses of market share, market share accretion, churn rates, customer enrollment, customer satisfaction and client demographics – all leveraging multiple metrics. Banks switching vendors in the past year averaged just 64.6 percent of the enrollment levels 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 1,005 additions by banks 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 banks.  For more information, visit http://finav.co/bankmobile.

Bank Report

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.