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Monkey Insights | October 2018

Austin, Texas, October 23, 2018

Malauzai Software, 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 and is broken up into digestible analytic “factoids” called little data. The report highlights key trends in internet and mobile banking usage based on October 2018 data for 400+ banks & credit unions, covering 19.6 million logins from 980,000 active Internet and Mobile Banking users.

It’s Mobile Banking App Store Research Time! The October 2018 report highlights the count of mobile banking apps, recently completed in September 2018. All apps having anything to do with mobile banking are counted and the results are in.

* 9% More Apps. There are a total of 7,346 financial institutions (FI) in the count and 6,351 have a mobile banking app representing 86%. That is up 9% from last year, the biggest year-over-year gain in the past 3 years. Much of the growth is due to consolidation, and FI’s under $100 million in assets are finally launching an app. Phew!

* 67 Different Vendors. 67 different vendors helped banks and credit unions publish an app. And as in years past, five (5) vendors control 85% of the apps in the marketplace. Fiserv dominates, with 50% more apps. That’s the closest competitor, mainly due to the very commonplace, “slightly-branded” app many Fiserv FI’s have rolled out.

* Business Mobile Doubles But Still Underwhelms. The number of standalone business apps has just about doubled in the past year, standing now at 549. While it is good to double, that is still a really low number. Business mobile is NOT growing anywhere near the pace of the consumer banking apps, which were growing by 1000%+ when the numbers were under five hundred or a thousand.

* Person-to-Person (P2P) Payments Up 250%. P2P grew once again, but where the hell is Zelle? It’s non-existent in terms of the numbers. More than 1000 financial institutions offer P2P within their banking app. Only 20 or so offer Zelle; everyone else offers standard bank-centric P2P. Zelle, while cool, is clearly not taking the world by storm when it comes to community banks and credit unions.

* Card Management Grows 125%. The number of banking apps offering in-app debit or credit card controls grew to 633 banks and credit unions. 181 offer card controls in a standalone app, usually offered by their card processor. Still, the most popular feature is turning the card on and off, approximately 5.75% of end-users manage their cards via mobile banking every month.

* Chase Wins Big-Bank Design Index! This is the first year Malauzai compared all the big banks and how they are doing on design. Yes, it is subjective, but we developed a very strong methodology. Chase won hands down. Cap One was second. BofA came in last by a wide margin. Specifically, ease of use and having a full array of features added to a good score. There were specifically ten (10) elements studied for each bank.

Malauzai Software, Inc. – Proprietary and Confidential

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