Malauzai’s Monkey Insights Analyzes Mobile Banking Usage vs. Internet
AUSTIN, Texas (June 2, 2017) — Malauzai Software, a provider of mobile and Internet banking SmartApps™ for community financial institutions, released its May Monkey Insights which specifically looked at digital banking and compared the top most used channels, Internet or Mobile. Internet banking is defined as access to digital banking services via a browser, using Legacy Internet Banking technology, as opposed to native Mobile Banking applications, which are specifically designed for a specific platform. May 2017 data from over 435 banks and credit unions, covering 13.9 million connections and 765,000 active internet and mobile banking users, was analyzed.
Key findings include:
- Active mobile users exceed 50%: 54% of active digital banking users use mobile banking. For best-in-class financial institutions (FIs), that number is over 70%;
- The best IFs in their category are 71% mobile: they have more mobile users than Internet users; 72% mobile active and 56% internet active, and nearly 45% mobile-only users
- Internet banking continues to be strong with 75% active use; 65% of FIs tracked still have over 85% of their active digital banking users still using internet banking;
- Mobile only: The best-in-class financial institution now has 44% of its end users exclusively using the mobile channel. The average is 25%; and
- Internet Banking Only: On average, 45% of active digital bankers only use the Internet. The best of the FI class is 28%.
Each month, Robb Gaynor, chief product officer of Malauzai, reviews the data to see what obvious trends might be of interest to financial institutions. “It is becoming increasingly clear that mobile is the banking channel of choice. Internet banking is by no means dead, but today’s busy people appreciate the convenience offered by mobile banking. Banking on the go is becoming the de facto norm, it seems.
Read the full Monkey Insights here.
About Malauzai Software
Malauzai was incorporated in 2009 in response to growing demand for a technology company capable of providing innovative mobile solutions to community financial organizations. As a cool company in a cool city and focused primarily on community financial institutions, Malauzai provides SmartApps for consumers, small businesses, enterprises, employees, SmartwebApps and SmartwearApps that improve customer experience for services mobile and internet banking, ultimately resulting in increased value for financial services. establishments. http://www.malauzai.com/
Malauzai Software, Inc.
12301 research boulevard.
Building V, Office 100
Austin, Texas 78759