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Monkey Insights Little Data Report: Mobile Banking Smart Device Usage

Malauzai Software, a leader in mobile and internet banking, today released its monthly Monkey Insights “little data” report, the report in which an overwhelming amount of big data surrounding mobile and internet banking is broken up into digestible analytic factoids, or, little data. This report highlights key trends in internet and mobile banking usage based on August 2016 data for 385+ banks & credit unions, covering 8.95 million logins from 465,000 active Internet and Mobile Banking users.

This report highlights comparison data for money movements statistics in August totaling $417 million and 730,000 money movement transactions.

  • Mobile Check Deposit Average Value. A wide range exists when comparing average mobile deposit size across financial institutions. This variance is a clear reflection of where financial institutions put their deposit limits. The average value of a check deposit is $598.50.
    • The highest average for consumer deposits was $15,554. Number two was $12,744 (Business high was $22,450)
    • 3% of financial institutions had deposit averages greater than $3000.
    • 12% of financial institutions had an average value of $1000 or greater.
    • $167 was the lowest average deposit value.
    • 4% of financial institutions had an average deposit value below $250.
  • Internal Transfers Average Value. Transfer data also varied across institutions. The average value of a transfer in August was $507 and end-users made an average of 4 transfers per month.
    • The highest average consumer internal transfer was $3,856.
    • The highest average business internal transfer was $90,103.
    • 3% of financial institutions had an average transfer value greater than $2000.00.
    • The lowest average transfer overall was $119.
    • 4% of financial institutions had transfer averages less than $200.
  • Picture Bill Pay Average Value. Picture Bill Pay average values varied less across financial institutions. The average value of a Picture Bill Pay in August was $366.
    • The highest average value for Picture Bill Pay was $1448. The second highest was $804. No other financial institutions were above $600, with the next highest average coming in at $582.
    • The lowest average Picture Bill Pay value was $59.77.
    • More interesting than the variance between financial institutions was the difference by platform for average value:
      • Android= $236
      • iPhone = $317
      • iPad = $364
      • WebApps = $470 (Web Apps are Internet Banking desktop apps)
  • Traditional Bill Pay Average Value. The average value of a Bill Pay was $308, which was lower than Picture Bill Pay. As with Picture Bill Pay, there was not a wide variance when comparing average across financial institutions; the highest value high was $692, and the lowest was $141.

 Although the data varies in value of checks deposited and the average value of transfers, what is clear is that these mobile and internet offerings are crucial for consumer money movements. An interesting note is that Picture Pay average values have surpassed Traditional Bill Pay average values. As more users rely on mobile and internet banking tools, financial institutions are recognizing the need to provide a variety of money management and bill pay options for all consumers across devices.

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