Anna Stanley/Catherine Laws
AUSTIN, Texas (July 18, 2017) – Malauzai Software, a provider of mobile and Internet banking SmartApps™ for community financial institutions, released its July Monkey Insights that specifically looked at Mobile Banking Apps available in the App Store as well as Google Play for community banks and credit unions. June 2017 data from 435+ banks and credit unions, covering 14.5 million logins and 790,000 active Internet and Mobile Banking users was analyzed.
Key findings include:
- 6% Growth in Consumer Mobile Banking Apps: For the second year in a row, overall growth is not substantial; however, there were 352 new Mobile Banking apps and now there are more than 6000;
- 50% Growth in Business Mobile Banking Apps: While this sounds strong, the reality is the total number of stand-alone business banking mobile apps is just 398; it only increased by about 120 (Point of note – when Consumer Mobile Banking first launched, year-over-year growth was somewhere near 300%);
- Card Management is Gaining Traction: This is the first year looking at this data point, and we are very encouraged. There are 422 mobile banking apps with Card Controls, which is more than stand-alone business mobile apps; and
- 103% Growth in P2P: By far Person-to-Person payments excelled. 103% more financial institutions added P2P capability. Now there are 785 institutions that offer a version of this but usage still remains relatively low; we except to see this soar in the future.
Robb Gaynor, Malauzai chief product officer, reviews the company’s data monthly to determine what trends would be of interest to financial institutions. “This is the fifth summer that Malauzai has conducted primary research to count the number of mobile banking apps in the App Store and Google Play for community banks and credit unions. Later this summer, we will issue a detailed research report but some of the most interesting facts are presented above. I look forward to seeing what additional trends may come to light upon further analysis.”
Read the full Monkey Insights here.
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. As a cool company in a cool town with a focus primarily on community financial institutions, Malauzai provides Consumer, Small Business, Business, Employee SmartApps, SmartwebApps and SmartwearApps that enhance the customer experience for mobile and Internet banking, ultimately resulting in increased value for financial institutions.