AUSTIN, Texas--(BUSINESS WIRE)--Malauzai Software, a provider of mobile and Internet solutions for community financial institutions, released its January 2018 Monkey Insights that highlights key trends in Internet and mobile banking usage based on January’s data for 400+ banks & credit unions, covering 16.9 million logins from 895,000 active Internet and mobile banking users.
This report focuses on “Scrapegators,” who are also known as “Aggregators;” the vendors who scrape Internet banking to feed data to other fintech applications. Banking customers, in droves, are choosing to use third-party financial applications not the Internet banking site provided by the bank or credit union.
Key findings include:
- 8% of Internet banking logins are scraping sessions;
- Balances and transaction history equal 90% of activity;
- 93% of end-users also use Internet banking;
- Mint, Yodlee & Intuit are “The Big Three” scrapegators; and
- Transaction failure rates are high; 5% - 7%.
Malauzai’s Chief Product Officer, Robb Gaynor, analyzes the company’s data each month to determine what trends that financial institutions might find beneficial and interesting. “The bottom line is that consumers are choosing to use third party applications, not their Internet Banking sites. This trend is highly significant given the advent of the movement towards Open Financial API’s; everyone’s talking about it. Banks and credit unions better get a handle on this trend or it will continue to drive a wedge between them and their customers/members. They must find ways to align interests with the fIntechs, this is the real opportunity.”
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.