adminCalifornia-based Shastic has introduced an “innovation index,” known as the Shastic Index, that will score financial institutions on innovation, particularly on user satisfaction and performance across new digital channels, such as mobile banking and social media, says an article in CU Journal Monday.
The quarterly index is designed to help financial institutions better engage their peak borrowers through mobile and social media channels. The data is consolidated into a score that credit unions can use to determine their performance compared to others in their peer group, according to Shastic.
“As consumers, especially millennials, migrate from physical branches to screens and devices to fulfill their banking needs, financial institutions are adapting their marketing strategies to attract and engage them,” the story explained.
The Shastic Index is available to credit unions as an annual subscription. The company said it has plans to expand the platform to banks.
“According to the [National Credit Union Administration], the median annual asset growth rate for credit unions ending in Q4 2015 was 3.3 percent, and the median annual loan growth rate was 4.0 percent,” said Joseariel Gomez, CEO of Shastic, going on to explain that the most innovative credit unions on the Shastic Index are growing three times faster than others in the industry, “with median asset growth and loan growth rates of 10.36 percent and 11.07 percent respectively. That proves the case that this innovation index translates into something important for the industry.”
