Mobile Banking Vendor Reports Usage Growth
The latest data dump from Malauzai Software, which now provides mobile banking apps to 108 credit unions and banks, reveals continued, strong growth in mobile banking usage.
The Austin, Texas-based firm’s July numbers released Aug. 20 show that among financial institutions that have offered mobile banking for at least one year, “The average month-over-month [member usage] growth rate is 4.19%. The best-in-class number is 11.56% with several banks and [credit unions] topping 10%.”
Users are flocking to mobile banking, per Malauzai, which reported, “Best in class banks and credit unions are reporting between 37% and 39% of their total households or deposit accounts are using the mobile banking SmartApp. The average is between 17% and 21%.”
An inexplicable factoid in the data is that Apple iOS users are dramatically overrepresented, accounting for 66% of all registered end users, despite the fact that Android-based devices substantially outsell iOS.
Another quirky finding pertains to when Android users do outnumber iOS.
“The only time there are more Android end-users using mobile banking than iOS end-users is between 2 a.m. and 3 a.m. This is one of many indicators that Android end users are different. Could they be younger? Not sure, but they sure are up in the middle of the night!” the Malauzai report said.
Mobile banking apps users also are engaged.
“Users log in an average of 3.7 times per week with an average session duration of 1 minute, 14 seconds,” the report said. “This is up from a year ago where the average was 3.15 sessions per week and 1 minute, 5 second sessions.”