CHICAGO—More small banks and credit unions are placing their mobile apps in the Apple App Store today, a new report reveals.
And, among these smaller shops, CUs are the bigger App Store players.
A Malauzai Software study released at the BAI Retail Delivery Show here shows that of the 7,669 banks and credit unions between $50 million and $15 million in assets, 55%, or 4,221, have mobile banking apps in the App Store.
When Malauzai conducted the same count in 2013, only 37% of these institutions were present in the App Store.
“While there has been significant growth in the number of banks and credit unions offering mobile banking apps, it is surprising that nearly half of community institutions still do not,” said Robb Gaynor, Malauzai’s chief product officer.
But small CUs are moving faster to the App Store than community banks, with 65% of CUs in this asset class participating in the App Store compared with 51% of the tiny banks.
From a geographic standpoint, institutions in the Southeast have the highest number of apps while the West Coast and upper Midwest are the lowest.
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