Community financial institutions roll out modern business banking, payments features in record numbers
AUSTIN, Texas (Feb. 28, 2018) – Malauzai Software, a provider of digital banking solutions for community financial institutions closed out 2017 with record 54% revenue and customer growth, including a notable increase in business banking and internet banking usage. Overall digital banking transaction volume spiked with a surge in the number of money movement transactions, particularly P2P and remote deposits.
“2017 was a pivotal year for digital banking and for Malauzai, “said Tom Shen, CEO of Malauzai. “Our team is on the front lines, working with some of the most innovative financial institutions in the country to redefine the way banks and credit unions interact and engage with customers/members. We continue to grow our digital banking platform enabling institutions to provide exceptional service with modern tools and user-friendly features. And this year, I am incredibly proud of the successes we achieved with our business banking solution providing real value to businesses with tangible benefits. As a result, our usage rates tripled.”
In 2017 the company reported a 300 percent growth in the number of businesses leveraging its MalauzaiOne digital banking solution. Additionally, internet banking log-ins increased by more than 125 percent with a 40 percent rise in the number of daily log-ins. Money movement including transfers, picture pay, remote deposits, billpay, P2P and A2A, continued to gain momentum as the number of overall transactions grew by 50 percent representing more than $12 billion in transactions. Specifically, P2P transactions increased by 100 percent; remote deposits by 30 percent.
At year end, Malauzai had expanded its customer base using the MalauzaiOne digital banking now serving more than a million consumers and businesses. Malauzai’s SmartApps surpassed 1.2 million downloads in 2017, and the company has created a Digital Banking Ecosystem that now supports more than 200 Fintech vendors, including over 40 core banking providers and dozens of payment processors. Additionally, the monthly login average exceeded 10 million, With major growth in all mobile device platforms.
“We accomplished several significant milestones in 2017, marked by our tremendous revenue growth and ability to scale, as we continue to shape the industry with our the next-generation of digital banking technology,” said Robb Gaynor, chief product officer for Malauzai. “Providing a single platform relieves maintenance requirements, lowers total cost of ownership for community financial institutions and drives back-office efficiencies while providing a powerful, yet simple digital banking experience and superior customer engagement. Bottomline, we can save money for a bank or credit union, as much as 40% on their overall digital banking spend. The tremendous growth we experienced in 2017 and the industry’s overwhelming response to our single platform is indicative that our unique approach is the future of digital banking.”
About Malauzai Software
Malauzai was incorporated in 2009 in response to the growing demand for a technology company that could provide innovative mobile solutions for community financial organizations. Malauzai provides Consumer, Small Business, Business, Employee SmartApps®, SmartwebApps and SmartwearApps that enhance the end-user experience for mobile and Internet banking, ultimately resulting in increased value for financial institutions.