Malauzai’s Monkey Insights Analyzes Trends on Digital Banking
Summary
The iPhone remains the preferred device, iPhone accounts represent 65% of digital banking usage; Convenience rules, 6.5% use the Quick Balance feature and log in 22 times a month; Check capture breaks the top five tasks performed within mobile banking, just behind see balance, transaction history and transfer money; Money movement (transfer, billpay, check capture, P2P/A2A) values grow, the dollar value of a payment increased by 24%; 80% of account-to-account (A2A) transfers are outbound and 65% of person-to-person (P2P) payments are sent via text message vs. email; and Log-in frequency increased in 2018 by 10%, people are using digital more actively. Robb Gaynor, head of North American Digital Strategy for Finastra, analyzes the company’s data each month to ascertain the trends financial institutions might find beneficial and interesting. “Digital banking usage continues to grow, and it is being driven by features like quick balance that not only add convenience, but also allow customers to easily complete transactions in a matter of seconds. 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.
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