Monkey Insights mobile banking smart device usage December 2014

Mobile banking “little data” report – Malauzai Software, Inc. mobile banking usage data

AUSTIN, TX (December 9, 2014) — Malauzai Software, a leader in mobile banking, today released it’s monthly Monkey Insights “little-data” report, the report where an overwhelming amount of big data surrounding mobile banking is broken up into digestible analytics factoids that we like to call “little data”.  The study highlights key trends in mobile banking usage based on November data for 245+ banks & credit unions, covering 4.5 million logins from 266,000 active mobile banking users.

Monkey Insights for December will look at both how consumers are moving money and their general usage of mobile banking features.

• iPhone users make higher transfers than Android users.  iPhone users continue to transfer money at higher values than Android users.  The average transfer value for iPhone users is $443, while for  Android users it is $297.  Why is there a 50% difference in behavior between platforms?  One could speculate that it is because iPhone users tend to hold higher balances.

•  Picture Pay catches up with bill pay. Picture Pay, where you snap a photo of a bill to pay it, is catching up to standard bill pay in terms of the average number of payments per month.  Remember, standard bill pay is where you set up payees manually, either within internet banking or on a mobile device.  An average Picture Pay user pays 2.9 bills per month, while a bill pay user pays 3.1 bills per month through a mobile device.

• Remote Check Deposit behavior differs on iPads.  Surprisingly, iPad users are behaving very differently than their SmartPhone counterparts when it comes to remote check deposit.  The average deposit value for iPad users is on average about 25% lower than on a smartphone. The average number of deposits is also lower at 2.5 per month vs 2.8 items per month for smartphone users.  This is a surprise because with other forms of money movement, such as transfers and bill payments, iPad users average values are about 30%-40% higher.  The overall sheer number of deposits on a tablet is also much lower than smartphones, which may point to the fact that manipulating the larger tablet to take pictures is harder and deterring some level of usage.

• iPad users like to log out. In November, a typical smartphone user presses the log off button 35% of the time and 65% of the time they end the mobile banking session by pressing the home screen button.  For iPad, 80% of users press the log off button.  We have speculated in the past that this anomaly is because the tablet tends to be a shared device, so logging out is perceived as more critical before you pass the device to your kids or a friend.

• iOS users log in more frequently than Android users. iOS users log in an average of 4.2 times per week.  Android users log in an average of 3.4 times per week.  iOS users seem to be more engaged.  Also interesting, iOS users make use of the auto-login or what we call the “quick-balance” feature to access balances without performing a standard login 95% more than Android users.  Android users either have not figured out that they can check balances rapidly or they are opting out of using the service.  Given the wide disparity in the usage of quick-balance, it must be a usability issue where they are simply not aware the feature exists.  Time to redesign the quick-balance feature for Android devices for sure, I will tell our designers.

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