The number of financial institutions using cbanc Network, a free online content sharing portal for credit unions and banks, increased from 500 to nearly 3,600 in 2011, demonstrating a growth rate of 620%, cbanc announced.
The three-year-old, Austin, Texas-based company also said the length of its average logged-in session rose from 10 minutes to 12 minutes in 2011. Currently, approximately 7,710 users from 3,638 financial institutions use cbanc, the company said.
On cbanc, financial institutions can post and download useful banking-related content, such as vendor reviews, policies, training materials and compliance exam reports, via a points-based bartering system.
cbanc President Myers Dupuy said 70% of the company’s growth can be attributed to Google, which directs potential users searching for specific content to cbanc. The implementation of new features, including surveys, online ads and commentary from financial industry leaders, also spurred company growth in 2011, he said.
“Clearly, 2011’s tremendous growth solidifies the need for this type of content collaboration within the financial services industry,” Dupuy said. “We have become a reflection of industry needs – and that can be seen on a real-time basis by reporting on community activity. The behavior of our users reveals today’s pressure points on banks and credit unions, such as Dodd-Frank, ACH risk changes and new technologies like mobile banking.”
In 2012, cbanc plans to add “Pro” and “Premium” membership options as well as allow third party companies, such as vendors, consultants and analysts, controlled access to the site, the company said.