The number of financial institutions with mobile apps grew at a rate of 25% over the past two years, according to research from the Austin, Texas-based mobile and Internet banking provider Malauzai Software.

While uncovering the growth rate, Malauzai, which looked at financial institutions with assets ranging from $50 million to $15 billion, discovered more than 150 mobile apps specifically built for businesses and more than 140 apps for stand-alone remote deposit capture. According to Malauzai, a stand-alone RDC app is necessary when the institution's primary mobile vendor cannot build RDC technology fast enough.

The research, which covered the mobile app usage of 7,754 credit unions and banks across the U.S., also revealed that of the financial institutions with iPhone apps, 99% also provided Android apps and 61% offered iPad apps. In addition, the upper Midwest region currently has the highest penetration of mobile banking apps among financial institutions.

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Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).