Monkey Insights Mobile Banking Smart Device Usage April, 2013
Malauzai Software, Inc. Reports On Mobile Banking Usage Data
AUSTIN, TX (April 1, 2013) – Malauzai Software, a a provider of mobile banking SmartApps for community financial institutions, today released data from the Monkey Insights service reporting key trends in mobile banking application usage for March 2013. The study is based on March data for over 85 banks and credit unions encompassing 950,000 logins for 75,000 registered mobile banking users.
Mobile Check Capture Usage Data
For March, mobile check capture has continued to drive overall mobile banking engagement. End-users are making 2.5 deposits a month with an average value of $429. For those financial institutions that have launched mobile check capture, the active user base has increased by more than 15% month-over-month since releasing the feature.
Mobile check capture usage data is proving the service is here to stay:
- iOS end-users’ average deposit size is 15% higher than their Android counterparts
- 66% of mobile deposits take place between 10 a.m. and 5 p.m.
- There is a 75% fall-off in activity during non-banking hours
- 50% of the images submitted need to be retaken
- 25% of image errors occur because the back of the check has not been signed by the end-user
- 90% of end-users who try to deposit a check are eventually successful
The usage of Mobile Deposit varies from organization to organization. Best-in-class financial institutions have approximately 20% of their active mobile banking end-users making deposits monthly and the average bank or credit union has 10% of active end-users making mobile deposits monthly. Average usage increases to 15%-17% of active end-users when looking at activity over a longer, 90-day period. Average deposit size also varies, as represented in the chart below illustrating several different banks and credit unions.