Report correlates mobile banking features, customer favor
Malauzai Software, a provider of mobile and internet banking apps for community financial institutions, has released its December Monkey Insights report.
Based on data from November, the report highlights internet and mobile banking trends based at more than 400 institutions and 875,000 active internet and mobile banking users.
This "benchmark report" examines digital banking metrics that define behavior and activity across credit unions and banks.
Among the report's findings:
- Of all digital banking enrollees, 65 percent are active, with a direct correlation between end-user engagement and the feature-richness of the app.
- The iPhone still rates as the most popular digital banking device.
- Average values for remote check deposit range widely, influenced by the limits imposed by financial institutions.
- Bill pay average values range from $170 at bottom-ranked banks to $1,100 at best-in-class financial institutions.
- Internal money transfers range from $162 to $3,100 and continue to rank among the top three digital banking tasks performed.
"It's no surprise to find the level of engagement and number of active digital banking users going up for banks and credit unions that provide more robust, feature-rich offerings," Malauzai Chief Product Officer Robb Gaynor said in the release. "It was interesting to see that credit unions are doing a much better job of engaging digital banking users, with an average active [use] rate at 72 percent, much higher than their bank counterparts."
Read additional insights from the report.