February 9 – Malauzai Software, a provider of mobile and Internet banking SmartApps™ for community financial institutions, released its latest “Monkey Insights, Digital Banking Usage” providing significant trends and usage within the internet and mobile banking arenas from more than 415 U.S. financial institutions.
The data analyzed more than 640,000 active digital banking users, averaging 10.5 million logins annually from banks and credit unions. The research focused on both internal and external money transfers; essential highlights include:
- The average value of an internal transfer on a desktop app was $2,300 and on an iPad, just over $1,000. iPhone users also transfer 66% higher values than Android users;
- Every mobile and internet banking user view balances on their SmartwebApps, but only 16% make transfers; making it the second most used feature;
- Savings patterns can be depicted with 81% of external transfers being outbound to other accounts owned by the user;
- Primary accounts and internal transfers are 50% are outbound and 50% are inbound;
- Desktop users transfer an average of $962 externally. Android user averages were as low as $410; and
- 50% of total money movements are transfers.
“Changes in consumer savings patterns were prevalent in reviewing financial data for this Monkey Insights,” explained Robb Gaynor, chief product officer, of Malauzai. “Individuals are transferring external funds into their primary financial institution, and consumers seem to be saving more than in prior years. It is also noteworthy that the larger the transfer amount, the more likely it is to be done from the desktop rather than a mobile device or tablet.”
For additional details, read the full Monkey Insights, here.
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, Business, Employee SmartApps, SmartwebApps and SmartwearApps that enhance the customer experience for mobile and Internet banking, ultimately resulting in increased value for financial institutions.