AUSTIN, Texas--(BUSINESS WIRE)--Malauzai Software, a provider of mobile and Internet banking SmartApps™ for community financial institutions, released its April Monkey Insights focusing on the activities performed in Mobile and Internet banking most regularly. It highlights key trends in digital usage based on March 2017 data from 435+ banks and credit unions, covering 13.2 million logins and 730,000 active Internet and Mobile Banking users. The goal is to determine the intent of the digital banking user by reviewing what they do and why they do it.
Key findings include:
- Top Activities: Balance inquiry, account history & transfers. Account balances (average of 1.8 accounts per end-user), recent transaction history (most users display 15 transactions at a time) and transfer (a 50/50 split between moving money in and out of primary checking);
- Mobile Banking Sessions: The average mobile banker logs in 19 times a month, an Internet user logs in 8 times a month;
- Top Activities by Percentage of Sessions: Only 23% of the overall interactions in digital banking go past balances and history to perform some other tasks such as transfers and bill pay; and
- Next Activities: Beyond the basics, what are individuals doing with digital banking? Top 3 include location and contact us, accessing help and personalization.
Malauzai chief product officer, Robb Gaynor, looks closely at the data each month to determine what trends he can point to that would be of interest. “Mobile banking is undoubtedly gaining significantly more traction with users. I attribute this to them having a better comfort level with it as well as the sheer convenience. It was not surprising that balance inquiries remain the top activity; however, I was surprised to see that as few as 23% of all customer sessions go beyond balances and history. Banks need to continue to enhance their mobile platforms to ensure they are offering the mobile only experience that their customers want.”
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.