This report highlighted data related to transfers, both internal transfers within a financial institution and external transfers sending money to and from other financial institutions.

The average value of an internal account transfer was $690. A typical mobile banking user made four transfers for the month. By platform: iPhone users transfer money at 66% higher values than Android users. Desktop app users, $2,300 per transfer. iPad, at just over an average of $1000 per transfer, comes in second. Clearly larger format devices encourage considerably higher transfer values.
Making internal transfers is the second most used feature in mobile and internet banking. All users view their balance; 16% make a transfer. That is a huge fall-off in activity from the first to the second most used feature. Only 3.5% of active sessions in January led to a transfer.
Eighty-one percent of external transfers are outbound. Accordingly, 19% of the external transfers are in fact sending money into the checking account. Outbound wins by a large margin. "This is a clear sign of a savings pattern," Malauzai noted. Also, some of this activity could be bill pay. "However, in all cases the money is going to an external account owned by the user, so it's doubtful they are bills, but it's possible." This seems to buck the trend of the historically very low savings rate. People are not using external account transfers to move money into their primary financial institution, it's flowing outbound.
Half of internal transfers are outbound from the primary account and half are inbound. In theory, inbound transfers to primary checking help shore up and make bill payment that month, where outbound from checking indicate savings. Outbound also could indicate bill payment from another account but the assumption the primary account takes care of most bills.
The average value of an external transfer was $962. Active users made an average of 1.8 external transfers during the month. The average was consistent for both inbound and outbound. Android users transferred the lowest average amount ($410) and desktop app users (internet banking) were highest ($1,100). Large format users (iPad and desktop apps) transfer money and move money in much higher values than smartphone users. The large format delivers some level of comfort, driving much higher averages.
Transferring money is the killer-app function for overall digital money movement. In aggregate, internal and external transfers represent 50% of mobile banking money movement activity. Transfers are the most popular form of digital money movement. Next in line is bill pay, but growing very quickly is remote check deposit. P2P and A2A are very distant followers.

Instant Insights /

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