Mobile Banking “Little Data” Report – Malauzai Software, Inc. Mobile Banking Usage Data
Austin, Texas | June 25, 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 May 2015 data for 290+ banks & credit unions, covering 5.9 million logins from 325,000 active mobile banking users.
• Top Mobile Banking Features. Once an end-user has logged in, what features do they use? First, understand that 80% of the time an end-user logs in, they do nothing other than check balances and look at recent history (usually the 5 most recent transactions). Once logged in to mobile banking, this is what a typical end-users does: 21.1% check full transaction history, 19.6% make an internal transfer and 13.3% look at cleared checks and deposit images. End-users make deposits through the mobile channel 8.24% of the time. All top features peak in usage on Fridays, although Wednesday is the top day for viewing check and deposit images
• Check Deposit Growth is Strong. Depositing checks through the mobile channel remains popular and is in fact growing. A typical financial institution has 25% more active mobile “depositors” than a year ago, and the average value for a mobile deposit is now $501.67. End-users typically make 2.75 deposits per month. While a year ago, 70% of images were accepted on a user’s first attempt, that number has risen to 75%.
• Log In Frequency. On average, an active mobile banking end-user is logging in 17.5 times per month. If they use a quick-balance feature, they log in every single day, or 31 times per month. iPhone end-users log in slightly more frequently, about 5% more often, while iPad users log in only 6.5 times per month, a clear signal that most of these users use an iPad as their secondary mobile device. iPad end-users still hit the log off button 3 times more frequently than their smartphone counterparts.
• Log In Failure. Historically, failure to log in has been hovering around 15%. In May 2015, 9.8% of login attempts failed. That is a significant decrease. Why? Because more and more logins are what we would call “non-legacy”. Using a four digit PIN to access mobile banking is an example of this. Quick-balance features where the device is logging in but the end-user is not also adds to this change. The goal is to improve end-user experience over time, and this is a great example of how it actually works.
• Mobile Person-to-Person Payments (P2P). Person-to-person payments are starting to gain momentum as more financial institutions release the feature. There are two methods for sending your friends notifications of pending payments, through email and text. 65% of notices are delivered via text, and 35% are delivered via email. The average value of a P2P payment is $312, and iOS users send money at 65% higher values than Android end-users. End-users are making 1.85 P2P transfers per month.
• Feature Engagement. Certain mobile banking features are used more frequently by those that use them. For example, an end-user who turns his or her debit card on and off does so 5 times per month. An end-user who uses the branch locator does so on average once per month. Checking history and making deposits hover around three times per month. Finally, using mobile photo bill pay is just over twice per month.
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