December 14 – –Malauzai Software, a provider of mobile and Internet banking SmartApps™ for community financial institutions, has released its annual research depicting the mobile app usage of 8,004 financial institutions across the U.S.
Malauzai reviewed banks and credit unions with assets ranging from $50 million to $15 billion to identify which offer consumer, business mobile or RDC apps on today’s most popular devices. Key findings of the research include:
- Between 2015 and 2016, there was a 6.2 percent growth rate of financial institutions with consumer mobile banking apps;
- In 2016, iPhone and Android app penetration was equal, with both types of app being available at 72 percent of financial institutions. In addition, 67 percent of financial institutions offered iPad apps in 2016;
- More than 275 business mobile iPhone apps were offered. Banks accounted for 97 percent of these apps, with credit unions at only 3 percent;
- The divide between banks and credit unions providing RDC apps was far less severe, with 56 percent of the total RDC apps put forth by banks and 44 percent by credit unions; and
- A total of 60 vendors were identified for financial institutions researched in 2016, but 90 percent of all the apps in the United States in the combined marketplace were produced by the top 10 vendors.
For additional details, read the full Monkey Memo by Malauzai’s chief product officer, Robb Gaynor, here.
“This year, our findings were particularly interesting in that the growth rate of financial institutions with consumer mobile banking apps decreased from 25 percent in 2015 to only 6.2 percent in 2016,” said Tom Shen, CEO of Malauzai. “As we continue to monitor the traction of mobile banking and the devices consumers prefer, we can see that we are steadily approaching a saturation point within the market. What will become crucial for vendors now is product differentiation, focusing on key principles such as excellent design and a high-quality user experience.”
About Malauzai Software
Malauzai was incorporated in 2009 in response to the growing demand for a technology company that could provide innovative mobile solutions for community financial organizations. As a cool company in a cool town with a focus primarily on community financial institutions, Malauzai provides Consumer, Small Business, Employee SmartApps, SmartwebApps and SmartwearApps that enhance the customer experience for mobile and Internet banking, ultimately resulting in increased value for financial institutions.