As financial institutions adapt their practices to engage consumers, especially millennials, a Berkeley, Calif.-based fintech startup's peer ranking revealed how credit unions stack up across digital channels, including mobile banking and social media.
The $2.5 billion Fresno, Calif.-based Educational Employees Credit Union ranked the highest, receiving a perfect score of 100. The next two were the $73 billion, Vienna, Va.-based Navy Federal Credit Union with 98.93 and the $3.3 billion, Kingsport, Tenn.-based Eastman Credit Union with 95.72.
The first-ever Shastic Index was designed as a quarterly ranking that scores financial institutions on innovation. The index revealed how a credit union ranks in user satisfaction and performance across new digital channels. It currently ranks credit unions only, but will soon expand to cover banks.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
