AUSTIN, Texas (1/13/12)--cbanc Network, an online repository of financial institution-created, exam-tested content, grew 620% in 2011, expanding to nearly 3,600 financial institutions from 500 a year earlier.
cbanc, members trade work from all areas of their credit union or bank--policies, procedures, agreements, best practices--in an online marketplace. Members also report insights from recent exams, write reviews of vendors, and provide answers to peer questions.
The incentive is cbanc's points/rewards system, which provides a free market for the content that members post. The more content, experiences, and advice users share, the more points they earn toward the purchase of the information they share.
Much of the site's growth--70%--came direct from Google, with financial institutions searching for solutions from specific pain points, such as "ACH Risk Assessment," and Google returning user-generated content from cbanc high up in its search results, according to Myers Dupuy, cbanc president.
"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 the banks and credit unions, such as Dodd-Frank, ACH risk changes, and new technologies like mobile banking."