Can CUs capitalize on smart device money movement?

Malauzai Software report indicates that P2P and A2A trends could be an opportunity for FIs to provide apps that simplify the transfer of funds on the go.

Over 1 million internal transfers occurred in July 2019, making up 67% of all money movement; 77% transfers came via smartphone devices; and since 2014 mobile usage increased 270%.

The Austin, Texas-based Malauzai Software, a Finastra company and digital banking provider for community financial institutions, released its July 2019 Monkey Insights “little-data” report, the report where an overwhelming amount of big data surrounding digital banking is broken up into digestible analytic factoids called “little data.” This report focused on money movement, such as person to person (P2P) payments, account to account (A2A) payments, and internal transfers, with a specific focus on how consumers choose to send money to their friends and family.

The research, which highlighted key trends in internet and mobile banking usage based on July 2019 information for 400-plus credit unions and banks, covered 16.5 million logins from over one million active Internet and mobile banking users.

 

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