Malauzai’s Monkey Insights Analyzes Trends on Digital Banking
AUSTIN, Texas (Feb. 26, 2019)– Malauzai Software, a leader in digital banking, and a Finastra company, today released its February 2019 Monkey Insights report that highlights key trends in Internet and mobile banking usage based on January’s data for 400+ banks & credit unions, covering 15.3 million logins from 920,000 active Internet and mobile banking users.
The report examines overall 13-month statistics to indicate trends in the digital channel. Key findings include:
- The iPhone remains the preferred device, iPhone accounts represent 65% of digital banking usage;
- Convenience rules, 6.5% use the Quick Balance feature and log in 22 times a month;
- Check capture breaks the top five tasks performed within mobile banking, just behind see balance, transaction history and transfer money;
- Money movement (transfer, billpay, check capture, P2P/A2A) values grow, the dollar value of a payment increased by 24%;
- 80% of account-to-account (A2A) transfers are outbound and 65% of person-to-person (P2P) payments are sent via text message vs. email; and
- Log-in frequency increased in 2018 by 10%, people are using digital more actively.
Robb Gaynor, head of North American Digital Strategy for Finastra, analyzes the company’s data each month to ascertain the trends financial institutions might find beneficial and interesting. “Digital banking usage continues to grow, and it is being driven by features like quick balance that not only add convenience, but also allow customers to easily complete transactions in a matter of seconds. It is no surprise that the iPhone remains the top device, but Android users do represent a large segment of the market and must not be ignored – according to our data Android users log in more frequently than iPhone users. The majority of digital banking users are using a smartphone with a relatively low number of users logging in with a desktop or tablet device.”
Read the full Monkey Insights here.
About Malauzai Software
Malauzai – a Finastra company, was incorporated in 2010 in Austin, Texas, in response to the growing demand for innovative mobile technology solutions for community financial organizations across the US. As a cool company in a cool town with a focus primarily on community banks and credit unions, we provide consumer, small and larger business, and employee SmartApps™, that enhance the customer experience for mobile and Internet banking, ultimately resulting in increased value for financial institutions. Malauzai was acquired by Finastra, a global financial technology company, in June 2018. Together we deliver a fully integrated open core platform for payments, lending and digital. Please visit Maluazai.com.
Anna Stanley/Catherine Laws