Credit Union Mobile Adoption Tops Banks': Malauzai
Credit unions are signing up mobile bankers faster than banks, but bank customers move around more money, according to Malauzai Software in Austin, Texas.
The apps developer drew the data for its monthly Monkey Insights report from 2.2 million logins by 158,000 active mobile users at more than 144 banks and credit unions, Malauzai said Thursday.
“The bottom line is that the results seen by credit unions and banks in the mobile channel are different,” Malauzai said in its report.
“Credit unions seem to be, in some ways, ahead of their bank counterparts. This starts with the number of apps in the App Store and Google Play all the way through enrollment levels,” the company said.
Malauzai said credit unions in its user base are now seeing typical monthly growth rates of 9% to 10% while its client banks are averaging about 7% per month.
“This runs counter to the belief that credit unions have an older member base than banks,” the report said.
Meanwhile, bank customers moved an average of $456 per transfer, compared with $326 for credit union members, among consumers who make the same number of transfers per month. Malauzai said end users from both groups make approximately three transfers per month.