Monkey Insights Mobile Banking Smart Device Usage September 2014

AUSTIN, TX (October 15, 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 September data for 225+ banks & credit unions, covering 3.9 million logins from 250,000 active Mobile Banking users.

This month we will look at Business Mobile Banking usage and how it compares to Consumer Mobile Banking.

• Usage Session Data.  As expected, business mobile end-users are online longer than their consumer counterparts.  Average session duration for a business is 2:29, a full minute longer than consumers who average 1:20.  iPad sessions are even longer, averaging 3:34. Again, no surprise, as the Tablet provides a richer experience for businesses.  Statistically, businesses are more likely to own a tablet than consumers.

•  Device Platforms. 81% of usage comes from an Apple device.  That is a “wow” when compared to consumers, where 60% are Apple device users.  And iPads constitute 20% of end-usage sessions compared to just over 4% for consumers.  iPad usage exceeds usage of Android Smartphones.  Apple clearly dominates with companies, and Android is a laggard in the business community. We wonder if RIM/Blackberry knows that?  And iPad’s are popular, again, because businesses can afford them.  They also provide businesses with a richer, larger view into their accounts.

• Monthly Usage.  When tracking usage throughout the month, there seems to be less consistency than with consumers.  No single day sticks out as having consistently higher usage.  Thursdays and Fridays are the highest usage days by a factor of 15%.  The one very consistent pattern is month-end usage.  The highest twodays of usage month-over-month is the last business days of the month.  This is very different for consumers, where Friday is the busiest day of the week and there is no spike at the end of the month.

• Money Movement. The average value of an internal transfer is $1950 for businesses compared to $450 for consumers.  The average size of a mobile check deposit is $596 per item compared to $405 for consumers.  Clearly internal transfers are supporting much higher values than remote check deposit.  The average number of items deposited per month is 3.1 for businesses-again, not much higher than consumers who average 2.75 items per month.  iPad check deposits are happening 4.5 times a month per user and the values on iPad are on par with the averages for other devices.

• Feature Usage.  The top features used beyond checking balances are; checking account history, making a deposit and making an internal transfer.  This is slightly different than consumers where looking at account history is followed by transfers, then deposits.  Viewing check images and deposit slips is the 4th most used feature for mobile businesses.  Also interesting, 53% of the time a business logs in to mobile banking they access a feature other than balances where for consumers the number is much lower at 30%.  Clearly businesses come in to do more than check balances.

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