AUSTIN, Texas--(EON: Enhanced Online News)--Malauzai Software, a provider of mobile and Internet banking SmartApps™ for community financial institutions, released its newest Monkey Insights focusing on Digital Banking Smart Device Usage. It notes key trends in Internet and mobile banking usage based on February 2017 data from 425+ banks and credit unions, covering 10.8 million logins and 690,000 active Internet and Mobile Banking users.
This report examines different digital channels, iPhones, Android Smartphones, iPads and Desktop via Browser and how individuals behave when interacting with them. Data indicated there are significant differences from device to device; however, the usage is not exclusive, many end-users are registered on multiple platforms.
Key findings include:
- Mobile sessions are 1:15 minutes, Internet 2:45 minutes – mobile is appealing for quick in and out transactions while Internet users tend to linger;
- iPhone usage tops Android usage – 57% of active mobile banking occurs on iPhones and 43% on Android devices;
- Mobile users log in 150% more often than desktop/Internet users – February saw Smartphone end-users logging in 18 times per month and desktop users only 8 times;
- Business Usage: Internet remains on top – Not surprising is businesses embrace the traditional desktop channel as less than 10% of active logins are via a Smartphone, all other is desktop;
- Login time of day with businesses begins at 8 am and goes until 4 pm whereas consumers start around 7am and go until 7 pm with peak usage at noon and 4 pm; and
- The larger the device the larger the transaction. Individuals on larger devices like iPads or desktops move much larger amounts of money, 250%.
Robb Gaynor, Malauzai chief product officer, said, “Each month I look forward to seeing what trends are occurring in Digital Banking that we can share. What was apparent? Business usage via mobile devices has not yet seen the uptick that Individual usage has experienced. Business digital is used by employees and when they leave there is very little usage until the next morning. And then, I find this very telling, higher dollar values are moved on larger devices. So small devices are good for paying, but the trust factor is in larger formats.”
Read the full Monkey Insights here.
About Malauzai Software
Malauzai was incorporated in 2009 in response to the growing demand for a technology company that could provide innovative mobile solutions for community financial organizations. As a cool company in a cool town with a focus primarily on community financial institutions, Malauzai provides Consumer, Small Business, Business, Employee SmartApps, SmartwebApps and SmartwearApps that enhance the customer experience for mobile and Internet banking, ultimately resulting in increased value for financial institutions.