First Attempt to Comprehensively Quantify Banking Innovation by Institution
NEW YORK (September 23, 2020) – Bank Innovation has partnered with FI Navigator to publish an exclusive database that ranks financial institutions by their innovation level in their retail offering.
Released today, this data set ranks the top 25 financial institutions across four asset tiers based on an Innovation Score determined by FI Navigator. The Innovation Score examines over 100 products, services, and channels for every financial institution in the United States.
FIs providing a more robust set of retail solutions score better. Every FI is compared to an asset-based peer group to determine the relative scope of its offering. FIs providing market leading solutions will score better than institutions providing a more common solution set. In other words, the Innovation Score determines which financial institutions are ahead of market trends – and those that are not.
“FI Navigator is excited to be working with Bank Innovation on this unique examination of innovation in the industry,” said Curry Pelot, Co-founder and Chief Information Officer at FI Navigator. “From strategic planning to product development, our advanced peer analytics provide executives the actionable insights required to improve performance. Our hierarchy of retail solutions, like the industry itself, evolves rapidly and provides the context executives need to know how they’re doing when it comes to digital transformation.”
Available in an easy-to-navigate table, users can view top ranking financial institutions in each of the four asset groups. The data covers FIs with assets from $500M to over $100B and will be updated quarterly.
Through this data and for the first time, financial institutions can quantifiably benchmark their innovation activities on a relative basis to their peers. Additionally, software providers and investors are able to use the rankings to understand an FI’s innovation practices and identify potential prospects.
“Bank Innovation put great effort into developing this first-of-its-kind dataset,” said JJ Hornblass, Chief Executive Officer of Royal Media, Bank Innovation’s publisher. “For too long, progress in banking innovation was calculating using ‘soft’ metrics. With this dataset, Bank Innovation and FI Navigator are endeavoring to ‘harden’ the calculus around innovation and strategic advancement. We are thrilled to partner with FI Navigator to offer this unique data to our audience.”
The FI Innovation Rankings data is now available to Bank Innovation Premium subscribers on the Bank Innovation website. Users can begin accessing the information at https://bankinnovation.net/fi-innovation-rankings/.
Full information on the Premium subscription offering is available here.
ABOUT FI NAVIGATOR
FI Navigator provides a U.S. banking vertical data and analytics platform to industry vendors & consultants and the financial institutions they serve. We work directly with executive management of banks and credit unions to develop strategy or to identify opportunities in profitability, franchise growth, risk management or product offering. Banking vertical vendors and consultants leverage FI Navigator to augment client strategy, sales and marketing. More info at https://fi-navigator.com.
ABOUT BANK INNOVATION
Bank Innovation, launched in 2009, is produced by Royal Media, a media company that has served the financial services industry since 1995. Bank Innovation was one of the first blogs to recognize the coming wave of digital innovation — and disintermediation — in financial services, and has been at the forefront of tracking the evolution of digital banking ever since.
Bank Innovation offers a Premium subscription service, and produces leading industry events including Bank Innovation Ignite, Bank Innovation Build, and the Banking Automation Summit. Learn more at www.bankinnovation.net.