AUSTIN, Texas–A new update on the latest trends in Internet and mobile banking usage by financial consumers has been released.
Malauzai Software said its Monkey Insights “little data” report, which is based on data drawn from 400-plus banks and credit unions covering 16.5 million logins from 875,000 active Internet and Mobile Banking users has found:
- Transferring Money Internally Ranges From $3,100 to $162. Transferring money is still one of the top three tasks performed in digital banking. “First, we look at the data at the highest level, the general categories of banks. In that race, private wealth banks win with an average transfer value of $53,000. Next are business digital users, topping off at $27,000 and then last, consumer, where best in class transfer value is $3,100. For the consumer side of transfers, the range for all financial institutions is from the aforementioned $3,100 down to $162. To refresh, the average value for a consumer transfer is $375,” Malauzai reported.
- Best in Class Bill Pay Average Value $1,100. The average value of a bill payment ranged from $1,100 for the best in class financial institution to $170 for the bank at the bottom. Average was $355 across all financial institutions, according to the Monkey Insights report. Businesses that use bill pay have an average value of $2,300 per bill payment. Once again, the wealth segment leads the charge with an average value of bill payment above $3,700.
- Check Deposit Ranges Far and Wide. The Monkey Insights report found that 10% of financial institutions have an average value of remote checks being deposited standing at over $1,000, ranging from $7,200 to $1,006. The overall average for a remote deposit is $425 for consumers. The lowest average value is $205. 50% of financial institutions have an average value under $400. “Clearly, very few credit unions and banks allow for large deposits, and most are getting much lower average values. Keep in mind that this is highly influenced by the limits put on the feature as all banks and credit unions can decide on what value of deposit to allow, both for a single deposit and for several deposits taken over a period of time,” the company said.
- Devices, iPhone Still Wins. iPhone is still the most popular device. The best in class financial institution has 75% of its end-users on iPhones. That ranges down to 40%. Conversely, Android usage tops out at 60% of all users at the best in class Android shop. But on average iPhone still wins handily with 60% of digital bankers choosing to use an iPhone across all financial institutions, Malauzai said. iPads and tablets lag. At the best financial institutions only 4.5% of their active end-users choose to use the iPad. The average is 2%. Lowest, under 1%.
- Average Active End-Users to Registered Is 65%. The best in class financial institution has 85% of their registered end-users actively using the digital channel where active is defined as having used one or more device in the past 90-days.