ATLANTA — The U.S. credit union mobile banking market remains concentrated among a relatively small number of technology providers, with the four largest vendors accounting for 45.5% of credit union installations, according to an analysis released by William Mills Agency and FI Navigator.
The companies said the 10 largest mobile banking providers collectively account for 77.5% of installations at U.S. credit unions.
The findings are included in a new infographic ranking the 15 largest mobile banking solution providers based on the number of credit union installations.
The analysis also tracks changes in vendors’ market positions over three years, identifying providers that gained or lost at least 5 percentage points of market share during that period.
William Mills Agency said the additional data is intended to provide credit unions with a view of both current market concentration and the direction in which vendors are moving.
“We believe credit unions considering mobile banking solutions are making decisions that will impact their relationship with members for years to come,” William Mills Agency President and COO Scott Mills said in a statement. “Momentum, innovation and trust are attributes that can be measured and included in that decision.”
Analysis Tracks Three-Year Vendor Trends
FI Navigator, which provides data analytics for financial institutions and financial technology companies, said analyzing credit unions separately from banks is important because of differences in their technology requirements and member expectations.
“By pairing current market share with three-year movement, the analysis helps credit unions and technology providers better understand where vendor momentum is building and how competition in mobile banking is shifting,” FI Navigator co-founder and Chief Information Officer Curry Pelot said in a statement.
The companies did not identify the leading vendors or their individual market shares in the announcement.
William Mills Agency is an Atlanta-based public relations and marketing firm specializing in financial technology and financial services. FI Navigator provides data analytics focused on financial institutions and companies serving the banking industry.
