AUSTIN, Texas–Financial institutions report a wide range when it comes to comparing their average deposits made via mobile solutions.
According to the latest Monkey Insights “little data” report from Malauzai Software, its survey during August of more than 385 CUs and banks covering 8.95 million logins from 465,000 active Internet and mobile banking users, found there was $417 million and 730,000 money movement transactions.
Among the findings:
Mobile Check Deposit Average Value:
- A wide range exists when comparing average mobile deposit size across financial institutions (FIs), which reflects the range in deposit limits at these banks and credit unions, Malauzai reported.
- The average value of a check deposit is $598.50.
- The highest average for consumer deposits was $15,554. Number two was $12,744 (business high was $22,450).
- 3% of FIs had deposit averages greater than $3000.
- 12% of FIs had an average value of $1,000 or greater.
- $167 was the lowest average deposit value.
- 4% of FIs had an average deposit value below $250.
Internal Transfers Average Value:
- Transfer data also varied across institutions, Malauzai reported. The average value of a transfer in August was $507 and end-users made an average of four transfers per month:
- The highest average consumer internal transfer was $3,856.
- The highest average business internal transfer was $90,103.
- 3% of FIs had an average transfer value greater than $2000.00.
- The lowest average transfer overall was $119.
- 4% of FIs had transfer averages less than $200.
Picture Bill Pay Average Value:
- Picture Bill Pay average values varied less across financial institutions. The average value of a Picture Bill Pay in August was $366:
- The highest average value for Picture Bill Pay was $1448. The second highest was $804. No other FIs were above $600, with the next highest average coming in at $582.
- The lowest average Picture Bill Pay value was $59.77.
More interesting than the variance among FIs was the difference by platform for average value:
- Android = $236
- iPhone = $317
- iPad = $364
- WebApps = $470 (Web Apps are Internet Banking desktop apps)
Traditional Bill Pay Average Value:
- The average value of a Bill Pay was $308, which was lower than Picture Bill Pay.
- As with Picture Bill Pay, there was not a wide variance when comparing average across FIs; the highest value high was $692, and the lowest was $141.
According to the company, the data varies in value of checks deposited and the average value of transfers, but what’s clear is that these mobile and Internet offerings are crucial for consumer money movements. Another interesting note is that Picture Pay average values have surpassed Traditional Bill Pay average values. As users rely on mobile and Internet banking tools, FIs should continue providing unique money management and bill pay options across devices.