The data is in and Business Mobile Banking is a hit.
There are now over 20 financial institutions live with the Business Mobile Banking solution and the behavioral data in REBA (real-time end user behavioral analytics) is pretty interesting. The September Monkey Insights posted on our web site has all the data but here are a few highlights. Some of it is completely expected and other insights are, well, making us scratch our collective head…
Businesses use the mobile channel more aggressively as session times are around 90% longer than consumers.
Login frequency is also higher by around 40%, more of a daily usage pattern. End of the month is the busiest time of usage for businesses but no single day of the week sticks out with higher usage.
Money movement is popular and mobile check deposit is used more than internal transfers.
The average value of an internal transfer is 400% higher for businesses when compared to consumers. This makes complete sense as account balances are also much higher. One interesting thing to note is mobile check deposit values for businesses, while high at around $600, is not as high as expected. Still, it is 50% higher than consumer deposits.
Apple devices are by far and away a favorite of businesses. Over 80% of usage happens on an iOS device.
That compares to about 60% for consumers. Businesses seem to have an overwhelming proclivity for Apple. This includes the iPad. iPad usage among businesses is three (3) to four (4) times higher than consumers. That is a WOW but maybe not surprising, as businesses probably prefer the larger work space represented on a tablet. But why do businesses drift towards Apple devices when they are such a small percentage of the overall Smartphone market? One can speculate that business owners can afford higher end devices and businesses making purchases of Smartphones are also more apt to buy Apple as a corporate phone than Android. Oh well, looks like the Blackberry has finally met it’s day. One could even say now with authority “Blackberry is dead” (gotta keep up our “is dead” theme, come on)!!!
Business Mobile is and will be a smashing success
Overall this data substantiates that there is a huge need in the business community for mobile access — purpose-built apps made just for businesses. Too often in the past few years, businesses have been “stuck” on consumer mobile platforms as the software industry and banks/credit unions have been slow to field an App built just for businesses. Now, that is changing. If a business wants to approve an ACH payment or a wire via mobile, they can do it. If they want to see balances across different tax ID’s this is now possible via the mobile channel. Business Mobile Banking has finally come of age and the real behavioral data is in. Without question, Business Mobile is and will be a smashing success!!! In the coming quarters we predict a wave of new features being released for businesses, from ACH/wire origination to features surrounding Positive Pay. You will even see mobile account opening and onboarding adopted to businesses in the coming months. Mobile is going to become the channel of choice for businesses just as it has for consumers, and that is an exciting opportunity for community banks and credit unions.