Fintech startup Shastic shows financial institutions their performance on mobile and social media channels
BERKELEY, CA (May 9, 2016) — In today’s fastpaced digital world, financial institutions have been adapting their marketing strategies to attract and engage with new consumers. However, most of them fail to understand how they measure up against other players in the market when it comes to new digital channels. Financial tech startup Shastic today released the first Shastic Index, a quarterly ranking that scores financial institutions on innovation. The Shastic Index reveals where a financial institution ranks in user satisfaction and performance across new digital channels such as mobile banking and social media compared to peers in the industry.
In a time when consumers, especially millennials, are fleeing physical branches and migrating to screens and devices for their banking needs, user experience is the ultimate competitive advantage. As Apple and Facebook have proven worldwide, a great user experience results in loyalty and high growth. The Shastic Index is a resource for financial institutions to better engage their peak borrowers through mobile, and social media channels.
The index analyzes enduser data, taking into account iTunes user ratings and Facebook metrics. It then consolidates this data into a score that financial institutions can use to determine their performance within their peer group.
“Mobile banking and social media have become strategic channels that impact not only customer satisfaction, but also the ability to attract key growth segments,” said Jim Lowe, Director of Marketing at Educational Employees Credit Union. “At EECU, we’re always trying to find more meaningful ways to engage with our members and attract new ones.”
Shastic’s innovation index currently extends to credit unions, with banks set to follow as the next expansion. “According to the NCUA, the median annual asset growth rate for credit unions ending in Q4 2015 was 3.3%, and the median annual loan growth rate was 4.0%. In contrast, the most innovative credit unions on the Shastic Index are growing three times faster than they industry, with median asset growth and loan growth rates of 10.36% and 11.07% respectively,” said Joseariel Gomez, CEO of Shastic. “That proves the case that this innovation index translates into something important for the industry.”
The Shastic Index is available as an annual subscription. To request a copy, email contact@shastic.com or call (408) 6000540.
About Shastic
Shastic built the first Intelligent Process Automation (IPA) platform specialized for banking. They offer their technology as a Cloud service that requires minimal upfront IT investment without the elongated implementation process. Shastic is trusted by 50+ financial institutions across the US. Their platform allows financial institutions to increase capacity and processing speed by 10 times using the same resources and processes they currently have in place. Shastic has partnerships with Finastra, MeridianLink, and Access Softek to help financial institutions streamline banking processes and improve customer service. For more information, visit www.shastic.com
