Malauzai Software, a leader in digital banking, today released its October 2018 Monkey Insights report that examines trends in internet and mobile banking usage based on Octobers data for 400+ banks & credit unions, covering 19.6 million logins from 980,000 active internet and mobile banking users.
This report highlights some of the key findings from Malauzais annual mobile banking app store research completed in September 2018. All apps having anything to do with mobile banking are counted and the results are in¦
Key findings include:
- 9% more mobile banking apps than in 2017, the biggest year-over-year gain in the past three years;
- 67 different vendors helped institutions publish an app, with five vendors controlling 85% of the apps in the marketplace;
- Business mobile apps have doubled, but still underwhelm at just 549 apps;
- Person-to-person (P2P) payments up 250%, but where the hell is Zelle with only 20 FIs offering the service;
- Card management grows by 125% with 633 banks and credit unions now offering this feature; and
- Chase wins Malauzais first big-bank design index noting the apps ease of use and full array of features.
Robb Gaynor, general manager digital banking for Malauzai, a Finastra company, analyzes the companys data each month to ascertain the trends financial institutions might find beneficial and interesting. Its no surprise that payments, specifically P2P features continue to surge, although were still waiting for Zelle to take the industry by storm. Its clear that this is not the preferred choice of community banks and credit unions. Business mobile is finally gaining some traction. The industry has definitely made progress when compared to last years data; however, there is still a lot of work to be done to ensure these apps provide actual value to business owners. And finally, we completed our first big-bank design index and yes, its subjective, but there is a method to the madness. Chase won hands down.
Read the full Monkey Insights here.
About Malauzai Software
Malauzai “ a Finastra company, was incorporated in 2010 in Austin, Texas, in response to the growing demand for innovative mobile technology solutions for community financial organizations across the US. As a cool company in a cool town with a focus primarily on community banks and credit unions, we provide consumer, small and larger business, and employee SmartApps„¢, that enhance the customer experience for mobile and Internet banking, ultimately resulting in increased value for financial institutions. Malauzai was acquired by Finastra, a global financial technology company, in June 2018. Together we deliver a fully integrated open core platform for payments, lending and digital. Please visit Maluazai.com.