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Little Data” Report – Malauzai Software, Inc. Mobile Banking Usage Data

 Austin, TX, August, 2015

Malauzai Software, a leader in mobile and Internet banking, today released its monthly Monkey Insights “little-data” report, the report where an overwhelming amount of big data surrounding mobile banking is broken up into digestible analytic “factoids” that we like to call little data. The report highlights key trends in mobile banking usage based on June 2015 data for 340+ banks & credit unions, covering 5.9 million logins from 350,000+ active mobile banking users.

Feature Usage: Most Used vs. Least Used

  • Top 5 Mobile Banking Features. This usage data demonstrate that users consumers take advantage of the ease-of-use and easy access of mobile to review transactions and complete money movement. It is interesting to note that iPhone users tend to perform more transfers and deposits than Android users. However, the analytics show that the number of users reviewing transactions is about equal across platforms.

Most Used Features & Users

 

Feature Feature Use Users
Internal Transfer 300,097 76,419
View Transfer History 233,208 71,876
View Transaction History 227,601 66,834
View Check/Deposit Image 152,894 47,299
Remote Deposit 98,186 35,598

 

  • Least Used (but IMPORTANT to Have) Features. We thought it would be interesting to reverse the analysis and research the usage data on the least used features. Not because we want to highlight what people aren’t using, but emphasize that while many features aren’t being used as much as others, people still come to expect a robust mobile offering. Banks and credit unions can take advantage of these opportunities to provide as much access as possible. So what are these features people aren’t using very often?

 

Feature Feature Use Users
Terms of Use 35 26
Retake Picture Pay Photo 62 35
Main Marketing Message 4,322 3,286
Branch Locator 8,960 7,169
Contact Us 11,583 9,276

 

  • Terms of Use. No surprise, but end-user viewing of “Terms of Use” is the least-used feature in mobile banking – don’t tell that to the compliance team.
  • Retake Picture Pay Photo. Picture Payments have increased at a monthly rate of 11.93% over the last year. Offering the ability to retake a picture when needed is a requirement, but the data indicates that the frictionless nature of paying bills and adding payees with the camera rarely requires a user to retake/resubmit a bill photo.
  • Main Marketing Message. With only 4,322 uses or click-throughs, the marketing message may currently appear to have limited value. However, mobile banking users are a captive audience and are specifically engaging with their app. The marketing message provides not only impressions of the ad, but an ideal targeted cross-sell opportunity.
  • Contact Us & Branch Locator. Despite the fact that these are on the least used feature list, they do see some action, with the on-the-go nature of mobile, it is very important to provide end-users local branch and ATM access. End-users expect this functionality, as it is a parity feature with other mobile applications that provide geo-location information on-demand.

As mobile banking adoption grows, it’s interesting to explore how features are being used, and which features are surpassing others in popularity. So, should the least frequently used functions go away? The answer is definitely “no.” Many of these options are ones consumers simply expect. Banks and credit unions should supply consumers with as much access via their mobile device as possible, and the choice to determine what features they want, and when they want them.

 

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