Most P2P mobile app features surging, according to research

The Malauzai Software report says much of the growth is due to consolidation; FIs under $100 million in assets are finally launching an app.

P2P payments are surging at a brisk 250% clip, but not all payment services are catching on yet, according to the annual App Store Research from Malauzai Software, a Finastra company.

The Austin, Texas-based Malauzai, a digital banking provider for community financial institutions, released its monthly Monkey Insights “little-data” report, which highlights key trends in internet and mobile banking usage based on October 2018 data for 400+ banks and credit unions, covering 19.6 million logins from 980,000 active internet and mobile banking users.

Robb Gaynor, general manager digital banking for Malauzai, analyzes the company’s monthly to ascertain the trends financial institutions might find beneficial and interesting. “It’s no surprise that payments, specifically P2P features continue to surge, although we’re still waiting for Zelle to take the industry by storm. It’s clear that this is not the preferred choice of community banks and credit unions.” He added business mobile is finally gaining some traction. “The industry has definitely made progress when compared to last year’s data; however, there is still a lot of work to be done to ensure these apps provide actual value to business owners.”

 

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