CHICAGO — When it comes to iPhone apps, credit unions have a considerable lead over banks, according to Malauzai Software.
The Austin, Texas-based provider of mobile banking apps for community financial institutions made the announcement at the BAI Retail Delivery conference Nov. 13 as part of its results of a mobile app deployment study that counted bank and credit union iPhone apps in Apple's App Store.
The study looked at financial institutions in the asset range of $50 million to $15 billion.
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While the data showed that overall, 55% of financial institutions had deployed an iPhone app, approximately 65% of credit unions had apps compared to 51% of banks.
Not surprisingly, smaller institutions had a lower penetration rate, according to Malauzai. Financial institutions in the $50 million to $100 million asset range had a penetration of 29%, while those with assets from $1 billion to $5 billion led with 89% penetration. However, institutions in the $5 billion to $15 billion range came in slightly lower at 85%.
Even though a penetration of 55% may seem low given all the hype about mobile, adoption is actually expanding at a reasonable pace, Robb Gaynor, Malauzai's chief product officer, told CU Times.
"Last year when we looked at this, penetration was about 37%," Gaynor said. "So, that's a 40% to 50% growth in one year. Give it two or three more years and we'll be close to 100%."
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