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Mobile Banking “Little Data” Report – Malauzai Software, Inc. Mobile Banking Usage Data

Austin, TX May 2016

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” that we like to call little data. The report highlights key trends in Internet and mobile banking usage based on April 2016 data for 360+ banks and credit unions, covering seven million logins from 400,000+ active Internet and mobile banking users.

This month we will look at traditional Bill Pay vs. Picture Bill Pay across devices. Picture Pay allows users to pay a bill simply by snapping a picture of it, eliminating the hassle of entering payee information.

Financial Insitution Count. Approximately 3.7 times more financial institutions offer Bill Pay than Picture Pay. However, the statistics do not account for the overlap of banks and credit unions offering both Picture Pay along with traditional Bill Pay.

Year over Year Growth. Picture Pay growth is trending at 37 percent annually, and Bill Pay is growing at 48 percent. However, the the monthly growth rate for Picture Pay users is a bit higher, at approximately 2.5 percent compared to traditional Bill Pay user growth of about 2.2 percent.
Average Payment Value. Consistently across the two features, the average payment amount for iOS users (iPhone/iPad) is about 20-25 percent higher than Android counterparts.

 

Device Traditional
Bill Pay
Picture
Pay
Android $263.75 $224.22
iPhone $328.47 $265.91
iPad $314.12 $291.33

 

Device Traditional
Bill Pay
Picture Pay
Android 3.344 3.166
iPhone 3.443 2.998
iPad 3.612 3.111

 

Average Usage Per Month/User. End-users are making an average of 3.158 picture payments a month compared to 3.501 bill payments per month. Even with 3.7 times more users, the number of bill payments per month per user is not significantly higher than Picture Pay.

As more users shift to “mobile only,” FIs are realizing the need to offer multiple payment options across devices and leverage full payment functionality that is convenient and intuitive, like Picture Pay. At the rate it’s currently growing, Picture Pay user adoption is on pace to surpass usage of traditional Bill Pay. Picture Pay can be used as a standalone solution to mobile and online payment needs, or even in conjunction with traditional Bill Pay.

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