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December 2017

Austin, TX, December 5, 2017

Malauzai Software, a leader in digital banking, today released its monthly Monkey Insights “little-data” report, the report where an overwhelming amount of big data surrounding Digital Banking and is broken up into digestible analytic “factoids” called little data. The report highlights key trends in internet and mobile banking usage based on November 2017 data for 400+ banks & credit unions, covering 16.5 million logins from 875,000 active Internet and Mobile Banking users.

The December report is a “Benchmark Report” and specifically takes a look at key digital banking metrics across different credit unions and banks exploring the ranges in behavior and activity.

  • Transferring Money Internally Ranges From $3,100 to $162. Transferring money is still one of the top three tasks performed in digital banking. First, we look at the data at the highest level, the general categories of banks. In that race, private wealth banks win with an average transfer value of $53,000. Next is business digital users, topping off at $27,000 and then last, consumer, where best in class transfer value is $3,100. For the consumer side of transfers, the range for all financial institutions is from the aforementioned $3,100 down to $162. To refresh, the average value for a consumer transfer is $375.
  • Best In Class Bill Pay Average Value $1,100. The average value of a bill payment ranged from $1,100 for the best in class financial institution to $170 for the bank at the bottom. Average was $355 across all financial institutions. Businesses who use bill pay have an average value of $2,300 per bill payment. Once again, the wealth segment leads the charge with an average value of bill payment above $3,700.
  • Check Deposit Ranges Far And Wide.  10% of financial institutions have an average value of remote checks being deposited standing at over $1,000, ranging from $7,200 to $1,006. The overall average for a remote deposit is $425 for consumers. The lowest average value is $205. 50% of financial institutions have an average value under $400. Clearly, very few credit unions and banks allow for large deposits, and most are getting much lower average values. Keep in mind that this is highly influenced by the limits put on the feature as all banks and credit unions can decide on what value of deposit to allow, both for a single deposit and for several deposits taken over a period of time.
  • Devices, iPhone Still Wins. iPhone is still the most popular device. The best in class financial institution has 75% of its end-users on iPhones. That ranges down to 40%. Conversely, Android usage tops out at 60% of all users at the best in class Android shop. But on average iPhone still wins handily with 60% of digital bankers choosing to use an iPhone across all financial institutions. iPads and tablets lag. At the best financial institutions only 4.5% of their active end-users choose to use the iPad. The average is 2%. Lowest, under 1%. Clearly, tablets do not excite. Oh, and another factoid. 95% of tablets users are registered with a smartphone too. They are not exclusive to the device, they use it in addition to their smartphone
  • Average Active End-Users To Registered Is 65%. The best in class financial institution has 85% of their registered end-users actively using the digital channel where active is defined as having used one or more device in the past 90-days. The lowest is 53%, that bank needs help keeping end-users active. There is a correlation between how rich the apps are in features and how engaged end-users are. As expected, the more feature rich digital offerings have higher engagement. Also, credit unions do better in this statistic across the board. The CU average for active usage is over 72%, well above the bank counterpart benchmark.

Malauzai Software, Inc. – Proprietary and Confidential 

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