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Monkey Insights | July 2017

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 and Internet Banking is broken up into digestible analytic “factoids” called little data. The report highlights key trends in internet and mobile banking usage based on June 2017 data for 435+ banks & credit unions, covering 14.5 million logins from 790,000 active Internet and Mobile Banking users.

The Mobile Banking App Store research is in! Every summer primary research is conducted here at Malauzai to count the mobile banking apps in the App Store and Google Play for community banks and credit unions. This is the fifth year of the analysis. A detailed research report will be issued later this summer but for now, highlights are included below.

  • 6% Growth In Consumer Mobile Banking Apps. For the second year in a row, overall growth is relatively low at 6%. There were 352 new Mobile Banking apps and now there are over 6,000. Prior to 2016, where growth was also an anemic 6%, growth was 15% or greater each year. Saturation. Pretty much everyone has mobile. The gaps are, as expected, in the lower end of the asset size of financial institutions. FI’s under $100 million in assets have the lowest rates of apps.
  • 50% Business Mobile Growth. OK, the headline sounds great but the reality is not so great. The total number of stand-alone business banking mobile apps is a mere 388. It went up by about 120. Put this in perspective. When Consumer Mobile Banking launched, growth year over year in the first few years was 300% or 200%. It, of course, leveled off. As stated above it is now 6%. Business Mobile never experienced this growth curve. Why? Because businesses don’t use mobile. But that is a separate Monkey Insights. I hesitate to put it in these terms, but “the bottom of the line” (I would never want to call attention to our partner in the business banking space) is that Business Mobile right now does not matter. Businesses could care less and banks don’t want to be bothered either. I smell an opportunity!
  • Card Management Is Here. YAY! We found 396 mobile banking apps with Card Controls. This is the first year we have counted. But already there are more of these than stand-alone business mobile apps. And very interesting to note, we could find ZERO stand-alone card management apps. OK, not exactly zero; we actually found only 1-2, which is actually worse than zero. I have friends behind the standalone card management app phenom. Malauzai could support it if we were asked to but clearly, that has not taken off. And I don’t mean the stand-alone apps that are co-branded, I mean a standalone app for a specific bank or CU. I guess given it was announced well over a year ago, it might take time to actually get to market. Long live integrated card management. I.e. put it in your Mobile Banking App!
  • 100% P2P Growth. Person-to-Person payments took off this year. 100% more financial institutions added P2P. There are now 771 who offer it in some form or another. Recent Monkey Insights have shed light on very low usage of bank-integrated P2P. But alas, the banks and CUs want it and it is becoming a requirement. Low usage but a checklist item, this growth highlights a growing trend as well. Interestingly, the close neighbor A2A, or transferring money to yourself, is only offered by 125 financial institutions, much lower than P2P. Curious, because usually the two services can be rolled out together with minimal incremental effort.

Malauzai Software, Inc. – Proprietary and Confidential 

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