Malauzai’s Monkey Insights analyzes general digital banking activity
AUSTIN, TX (December 5, 2017) — Malauzai Software, a provider of mobile and Internet banking SmartApps™ for community financial institutions, released its December Monkey Insights that highlights key trends in internet and mobile banking usage based on November 2017 data for 400+ banks & credit unions, covering 16.5 million logins from 875,000 active Internet and Mobile Banking users.
This month’s report is a “Benchmark Report” and specifically takes a look at key digital banking metrics across different credit unions and banks exploring the ranges in behavior and activity.
Key findings include:
- Transferring money internally ranges from $3,100 to $162, continues to be one of the top three digital banking tasks performed;
- Bill pay average value ranges from $1,100 for best in class financial institution to $170 for the bottom bank;
- Remote check deposit average value ranges far and wide, highly influenced by the limits put on the feature by the financial institution.
- The iPhone still wins as the most popular device among digital bankers; and
- Average digital banking active end-users to registered is 65% with a correlation between how rich the apps are in features and engagement level of end-users.
Malauzai Chief Product Officer Robb Gaynor assesses the company’s data each month to determine the trends that financial institutions would find beneficial and interesting. “It’s no surprise to find the level of engagement and number of active digital banking users going up for banks and credit unions that provide more robust, feature-rich offerings. It was interesting to see that credit unions are doing a much better job of engaging digital banking users with an average active usage rate at 72 percent, much higher than their bank counterparts.”
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.