July 15 - Malauzai Software, a leader in mobile banking, has released its monthly Monkey Insights “little-data” report, the report where an overwhelming amount of big data surrounding mobile banking is broken up into digestible analytics sets that we like to call “little data.” The study highlights key trends in mobile banking usage based on June data for 180+ banks & credit unions, covering 3 million logins from 210,000 active mobile users.
This month we will look at general usage of mobile banking and how activity has changed over the past 12 months.
• Average Weekly/Monthly Login’s Increase. Year-over-year, mobile banking consumers are increasing their frequency of usage. The average consumer logged in 3.2 times in June 2013. This number has increased to 3.9 times per week in June 2014, an increase of over 20%. iOS (iPhone and iPad consumers) log in 12% more often than Android users, showing once again that usage varies by platform.
• Mobile Check Capture On The Upswing. Consumers are depositing more checks via the mobile channel. For banks and credit unions that have been live with check capture for a minimum of 12 months, there has been a 45% increase in the number of checks processed monthly (July 2013 to June 2014). There has been a 47% increase in the number of consumers depositing checks. And mobile check capture now ranks as the 5th most used feature in mobile banking.
• Mobile Banking Feature Usage Increases. From July 2013 through June 2014 the way consumers use mobile banking has been changing. Viewing account transaction history has increased by 4%. Internal transfers have increased by 8% and viewing check images has also increased by 10%. Consumers are learning to use the advantages of mobile and tablet navigation as using their finger to swipe between features has increased by 12%.
• Android Is Catching Up. In July 2013, 35% of active mobile banking consumers used the Android platform. In June 2014, 40% of active users used Android. Android consumers have always represented a smaller percentage of active usage than their iOS counterparts. This is contrary to market share statistics where Android smartphones dominate the market owning approximately 80% of all smartphones. While iOS consumers are still a vast majority of mobile banking end-users, their dominance is shrinking.
• Picture Pay & Bill Pay Usage Increases. For banks and credit unions live for a minimum of 12 months with Picture Pay, where end-users take pictures of bills, transaction volume has increased by 34% over the past year. The value of payments processed monthly has increased by 44%. For Mobile Bill Pay, where end-users pay businesses (or payees) they have set up on Internet Banking, there is a 75% increase in monthly transaction volume and a 40% increase in the number of consumers paying bills.