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October 2017

Austin, TX, October 11, 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 September 2017 data for 435+ banks & credit unions, covering 15.5 million logins from 840,000 active Internet and Mobile Banking users. The September report hones in on general digital banking activity.

  • Mobile Banking Usage = 18 times a month. On average, a Smartphone user logged in 18 times in September. It is the same for iPhone and Android. For legacy desktop usage (i.e. Internet banking) the average number of logins was 8.5, less than half of mobile. Clearly mobile drives much higher engagement. Session duration for mobile rose slightly in September to 1:30 and hovered just over 5 minutes for a typical Internet banking session. Lastly, for those banks and credit unions who have implemented a “quick-balance” feature where you can see balances without performing a traditional login (ID and password), those end-users engaged 37 times in September, that’s right, more than once a day!
  • Mobile RDC (Remote DCapture) is HOT! The average number of deposits is on the rise at 2.75 checks per end user in September. Historically, that number is closer 2.25 per month, so September saw a significant increase. Average value was $592, also up about 10% over the historical average. And once again, large format devices drive higher average values of deposits. The average deposit value on the iPad is $908 and $710 for the desktop, yes you can make deposits now using Internet banking, about 2% of total deposits come in this way as one of the benefits of tightly syncing mobile and Internet is feature parity. RDC is available on the desktop and some people do choose to use it. Why do large format devices drive higher deposit values? Frankly, we have no idea but will spin up some primary research on this topic to explore further.
  • Internal Transfers are also HOT! Still, by leaps and bounds, Internal Transfers rules the day constituting 70% of all consumer money movement digital transactions. Money movement includes; transfers, Bill Pay, RDC, P2P and A2A. And there are those large values on large formats again. Average transfer value for large format (tablets and desktop) is HUGE! Desktop average value is $1674 vs iPhone at $512. This is really interesting, people really trust bigger screens, weird! The average number of transfers per month across all devices is 4.2 per end-user.
  • P2P FAILURE! Person-to-Person payments are a huge disappointment. Just to review, about 12% of all banks and credit unions with a mobile app, offer P2P payments in the app. Usage is really low. On average, just 1.2% of active digital banking users (all devices included) choose to make a P2P payment. Wow, that is really low. This makes P2P a low volume task coming in number 11 in the list of most-used digital banking features. Lots of hype and no results. Zelle, real-time, etc., none of it changes these metrics. The Venmo phenomenon continues to confound us bankers, as clearly it is growing, even if its average transfer value is sub $30. Different type of P2P but way more successful…
  • A2A Up and Coming. The rising star of digital banking money movement is Account-to-Account transfers, where an end-user sends money to themselves at another financial institution. A2A is seeing a steady rise in usage averaging 3% of active digital users in September. Yes, that is double P2P. And it is growing where P2P is static. The average A2A value in September was $1120 and the average number of transfers per user was 1.8. 93% of those transfers are outbound, meaning the money is leaving. 7% of A2A is inbound. Hmm, does that show people have excess funds and are saving? More inbound activity would seem to show people need money to shore up their monthly spending. Clearly, A2A users have more money because they are transferring it out of their bank account. This might be great insight into honing in on these users as I bet they end up holding higher balances too, and would have great profitability. Worth a look, bankers so go check it out.

Malauzai Software, Inc. – Proprietary and Confidential 

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