Study shows number of banks, credit unions with apps by asset range, location
CHICAGO, IL (November 12, 2014) -- Malauzai Software, a provider of mobile banking SmartApps for community financial institutions, has released, from BAI Retail Delivery in Chicago, in-depth research on the mobile banking apps in the Apple App Store. The study focused on banks and credit unions between $50 million and $15 million in asset size.
Out of the 7,669 institutions in the specified segment, 4,221, or about 55 percent, have mobile banking apps in the App Store. When Malauzai conducted the same count in 2013, only 37 percent of institutions were present in the App Store. “While there has been significant growth in the number of banks and credit unions offering mobile banking apps, it is surprising that nearly half of community institutions still do not,” said Robb Gaynor, Malauzai’s chief product officer.
Malauzai also found that more credit unions in the segment offer mobile banking apps than banks; 65 percent of credit unions have an app in the App Store while just 51 percent of banks have a presence. From a geographic standpoint, institutions in the Southeast have the highest number of apps while the West Coast and upper Midwest are the lowest. In the asset ranges, those institutions between $1 billion to $5 billion are the leaders with 89 percent having an app. The smaller banks and credit unions between $50 million and $100 million are the lowest at 29 percent.
“Each year we literally count the apps in the Apple App Store to determine the health of the mobile banking market,” said Gaynor. “This year we found that the market is strong and community institutions are making strides in the delivering mobile banking to their account holders, but there is still opportunity for growth.”
The full report, including details on how the study is conducted, can be found here: http://malauzai.com/wp/wp-content/uploads/2012/12/Malauzai-CFI-Mobile-Index.pdf.
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 looks to provide mobile solutions that will enhance the customer experience ultimately resulting in increased value for financial institutions.