In a November report released by Celent and FINavigator the chart below shows mobile app adoption by financial institutions; Credit Unions have historically had greater app adoption but since 2013 banks have closed the gap in half; overall, 86% of financial institutions with over $100 million in assets have a mobile app, while adoption for institutions below $100 million is 29%. Source
Banks have been trying to understand what they will need to change to stay competitive as finance becomes more digital; the key question they try to answer is buy, build or partner; at LendIt USA 2017 we hosted a keynote fireside chat that focused on how a global cooperative bank stays innovative; digitizing their lending process to become more like a platform, understanding that fintech is more of an evolution and not a revolution, better understanding the customer's needs and offering hybrid solutions is key to staying ahead of the innovation curve. Source
