Bank Innovation released its innovation score rankings for U.S. financial institutions today. The dataset resulted from a collaboration between Bank Innovation and FI Navigator, a banking data and analytics platform.
“Bank Innovation put great effort into developing this first-of-its-kind dataset,” said JJ Hornblass, chief executive 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 dataset ranks the 25 most innovative institutions across various asset sizes, starting with $500 million to $1 billion institutions, and extending to institutions with more than $100 billion in assets. With a focus on banks’ retail offerings, the rankings examine more than 100 products, services and channels for all U.S. institutions. More robust retail solutions translate to a better score. The rankings are designed to demonstrate which institutions are leading the industry in innovation.
Truist had the highest score for institutions over $100 billion, with U.S. Bank, TD Bank, JPMorgan Chase and BBVA USA rounding out the list of top five most innovative banks, in that order. America First Federal Credit Union took the top spot for the $10 billion to $100 billion category, while Sierra Central Credit Union was the most innovative institution in the $1billion to $10 billion category. SCE Federal Credit Union scored as the most innovative institution with assets between $100 million and $1 billion.
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“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. “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.”
Top-ranked Truist announced a new venture investing arm this month to further its innovation efforts. “Truist Ventures has the privilege of being one of the windows to the outside,” Vanessa Indriolo Vreeland, head of Truist Ventures, previously told Bank Innovation. “We’re always looking to achieve the right risk-adjusted return, but that’s really not the primary objective of the program.”
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