AUSTIN, Texas--(BUSINESS WIRE)--Malauzai Software, a provider of mobile and Internet banking SmartApps™ for community financial institutions, released its May Monkey Insights that specifically looked at digital banking and compared which of the primary channels are most used, Internet or Mobile. Internet Banking is defined as digital banking access via a browser, using Legacy Internet Banking technology as opposed to Mobile Banking native apps, purpose built for a specific platform. May 2017 data from 435+ banks and credit unions, covering 13.9 million logins and 765,000 active Internet and Mobile Banking users, was analyzed.
Key findings include:
- Active Mobile Users Surpass 50%: 54% of active digital banking users use Mobile Banking. For the best in class financial institutions (FI), this number is more than 70%;
- Best in Class FI’s have 71% Mobile: They have more mobile users than Internet; 72% active Mobile and 56% active Internet, and they have almost 45% mobile-only users
- Internet Banking Still Important with 75% active usage; 65% of FI’s tracked still have more than 85% of their digital banking active 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
- Only Internet Banking: On average 45% of active digital bankers are Internet-only. The best in class FI is 28%.
Monthly, Robb Gaynor, Malauzai chief product officer, reviews the data to see what trends are evident that would be of interest to financial institutions. “It is becoming abundantly apparent that Mobile is the banking channel of choice. Internet banking is by no means dead, but today’s busy individuals like the convenience that Mobile Banking offers. Banking on the go is becoming the de facto standard it seems.”
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.