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Monkey Insights | March 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 is broken up into digestible analytic “factoids” called little data.  The report highlights key trends in Internet and mobile banking usage based on February 2019 data for 400+ banks & credit unions, covering 15.8 million logins from 945,000 active Internet and Mobile Banking users

This report focuses on Business Digital and how businesses are using digital, both desktop usage and mobile banking usage.

  • “Choose to Use” Platform.85% Of Digital Business is desktop.Which platform do businesses choose to use?  85% of all digital banking logins for businesses come from the desktop.  Businesses still overwhelmingly “choose to use” the desktop.  15% use mobile devices, 60% use iOS and 40% use Android smartphones.  IPad gets very minor usage, below 1%.  Like their consumer counterparts, businesses spend longer on larger format devices, spending 90% more time per user session when logged into the desktop versus a smartphone.
  • Top Features Used – Same as Consumer. Businesses use balances, transaction history and internal transfers as their top features, just like consumers. Next in line, also like consumer, viewing deposit images and checks, and lastly in the top five, remote deposit.  Unlike consumer there is a higher emphasis on viewing transaction history, which while in the same position of usage (#3), gets much higher volume than consumer; this makes sense given the business uses digital to review status of recent transactions.
  • Remote Deposit Gaining Usage. Remote deposit usage is gaining momentum in business digital, with approximately 7% of business users making a deposit in February.The feature is focused on smaller businesses who are using Mobile to augment traditional check capture, usually these are small batches of 6 – 8 deposits per month, well over the 2.7 average for consumers.  Average value is high, $1935 per deposit, 4x over consumer.  And 5% come via desktop, Business Digital users can make deposits from the LEGACY Internet, using a browser and camera.
  • ACH Upload Is King for Business. 80% of all money movement activity is related to uploading an ACH file. Using standard ACH tools to input ACH payments is almost non existent, well below 1% of overall ACH volume, businesses use the ACH origination tool to make occasional one-off payments.
  • ACH Stats Show Reliance for Businesses. The average value of an ACH transaction is $723.55. It is higher for ACH Batch processing coming in at $850.49.  It goes without saying, that all of this activity comes from the desktop, makes sense given the reliance on ACH file upload, which is much harder than one would imagine from a smartphone.
  • Internal Transfers Reach High Volume – 10% of Money Movements. Businesses use Digital Banking to move money between accounts, internal transfers.  The average value is $20,222.93.  Desktop dominates with 85% of the volume and iOS devices make up the remainder of activity, very little Android usage.  Recurring transfers constitute 7% of the overall internal transfer activity.

 

Malauzai Software, Inc. – Proprietary and Confidential 

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