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Monkey Insights | February 2019

Malauzai Software, a Finastra company and 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 January 2019 data for 400+ banks & credit unions, covering 15.3 million logins from 920,000 active Internet and Mobile Banking users.

Below are summary statistics for 2018. Overall 13-month trends were reviewed to see whats going on within the digital channel.  Lots happened in 2018, read on…

  • 65% iPhone STILL. Year after year, we report on which phones really get used when people bank remotely. iPhone, iPhone, iPhone…. Once again this past year, iPhone accounts for 65% of overall usage, any way you measure it.  Android users, even though they represent such a higher percentage of the overall SmartPhone market, lag in mobile banking.
  • Convenience Rules 6.5% Use Quick Balance. A few years back, a feature was added to show account balances without having to perform a standard log in. Quick Balance. 5% of digital users choose to use this feature. And they log in 22 times a month using this method. This is real digital engagement.
  • Check Capture Breaks Top Five.Officially, depositing a check via a digital device has broken in to the type five (5) tasks performed with Mobile Banking. The top activities are: see balance, transaction history, transfer money, see deposit/check images and yes, remote check capture.
  • Money Movement Values Grow 20%. Overall, the total amount of money movements (transfer, billpay, check capture, P2P/A2A) grew in 2018 and so did the average amount of money moved via the digital channel. The dollar value of a payment increased by 24% for Billpay, 19.5% for Check Capture and 21% for account transfers. Only P2P/A2A bucked the trend, the value of a person-to-person payment stayed flat for 2018. And large format money movements (iPad and desktop) are again higher by about 65%. People seem to trust larger devices and thus, they transfer higher values…
  • P2P & A2A Activity. 80% of account-to-account transfers are outbound, meaning people use the service mostly to send money away from the bank or credit union, to another financial insititution. 65% of person-to-person payments are sent via text message, a clear winner over using email to send someone a notice that you are trying to pay them.
  • Log In Frequency Increases in 2018 10%. People are using digital more actively in 2018. IPhone end-users logged in 18.9 times per month, Android 19.3 times a month. Desktop users log in 9.3 times a month.  Clearly, the mobile device drives higher engagement. Tablet BTW, resembles desktop with about 8 log in’s per month. Overall these usage levels increased approximately 9.5% in 2018.




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