Study measures mobile banking uptake among FIs
Malauzai Software, a provider of mobile and Internet banking SmartApps for community financial institutions, has released its annual research into mobile app use at 8,004 FIs across the U.S.
According to a press release, the research found:
- the number of FIs with consumer mobile banking apps grew 6.2 percent between 2015 and 2016;
- availability of iPhone and Android apps was equal in 2016, at 72 percent; 67 percent of FIs offered iPad apps;
- 56 percent of banks and 44 percent of credit unions now provide RDC apps; and
- 90 percent of all apps in the United States were produced by the top 10 vendors.
The growth rate for mobile banking apps slowed substantially — from 25 percent in 2015 to 6.2 percent in 2016, Maluzai CEO Tom Shen said in the press release.
"As we continue to monitor the traction of mobile banking and the devices consumers prefer, we can see that we are steadily approaching a saturation point within the market," he said. "What will become crucial for vendors now is product differentiation, focusing on key principles such as excellent design and a high-quality user experience."