AUSTIN, TX (September 9, 2014) -- Malauzai Software, a leader in mobile banking, today released its monthly Monkey Insights "little-data" report, the report where an overwhelming amount of big data surrounding mobile banking is broken up into digestible analytics sets that we like to call “little data”. The study highlights key trends in mobile banking usage based on August data for 200+ banks & credit unions, covering 3.8 million logins from 225,000 active mobile banking users.
This month we will look at what features are used within the Mobile Banking SmartApp, including how behavior changes from platform to platform.
Top 5 Features. We don’t count checking balance, as everyone does that, but here are the top 5 features used in mobile banking;
- transaction history
- internal account transfer history
- internal account transfer
- check and deposit images
- remote check deposit.
On iPhones, internal transfer history jumps above transaction history. On iPads, check and deposit images are at a much higher percentage than that of smartphones.
Other Popular Features:
- Log Off Your SmartApp. When an end-user hits the home button on their phone or tablet, the mobile banking session is securely terminated. They DO NOT have to log out. In general, 28% of end-users choose to hit the logoff button before they leave the SmartApp. 30% of Android folks logoff compared to 26% of iPhone users. And iPad defies convention where 70% of end-users hit the logoff button before leaving the SmartApp. Clearly tablets are shared devices where logging out is more critical, especially when most of the time when I bank on my tablet, the next user is one of my kids. You better believe I am going to make sure they don’t see how much of my money they are absorbing.
- SmarText Quick Balance. The SmarText feature allows end-users to access their balances quickly without performing a standard log in. It is a secure way to see your balance quickly. Overall, 11% of the time someone accesses their mobile banking app, they are using SmarText Quick Balance. Interestingly enough, only 3% of Android end-users choose this method for accessing mobile banking. iOS (iPhone and iPad) choose it 14% of the time.
- Balance is the “Killer” Feature. 76% of the time someone accesses mobile banking, all they do is check their balance. This is consistent month after month and correlates with short sessions which average about 1 minute 15 seconds. People want their balances and they want them quickly.
- Personalization. People like to personalize their mobile banking SmartApp. When you add up using nick-names, changing language, personalizing the number of transactions that show in the app and choosing the order of accounts, this category is the 7th most used feature in the SmartApp. It is critical to let end-users choose what their experience looks like and how mobile banking functions.
- Least Used Feature. No surprise maybe, but looking at terms and conditions is the least-used feature in mobile banking. Not far behind it is viewing the “About-Us” information most credit unions and banks provide inside the SmartApp. Sorry Compliance folks, you made the top of the bottom of the list!