AUSTIN, Texas–A new study offers an update on the latest trends in how consumers and business clients are using technology to interact with their financial institution.
The March 2019 “Monkey Insights” report, released by Malauzai Software highlights key trends in Internet and mobile banking usage based on February’s data for 400+ banks and credit unions covering 15.3 million logins from 920,000 active Internet and mobile banking users.
The Findings
Among the findings in the report, which examines business digital including both desktop and mobile banking usage, were:
- Desktop is the preferred platform for business banking with 85% of logins compared to mobile’s 15%. Of the mobile logins, 60% used an iOS device and 40% Android.
- The preferred features in business banking are the same as consumer banking, balances, transaction history and internal transfers are the most popular followed by viewing deposit images and checks and finally remote deposit capture (RDC), the report found. However, business users spend more time than consumers viewing transaction history.
- Remote deposit usage is gaining momentum in business digital, with approximately 7% of business users making a deposit in February. The feature is focused on smaller businesses that are using Mobile to augment traditional check capture.
- ACH upload is king for businesses; 80% of all money movement is related to uploading an ACH file.
- The majority of the ACH activity comes from a desktop; ACH file upload is much more difficult from a smartphone, Malauzai said.
- Internal transfers for business users reaches high volume accounting for more than 10% of money movements. The average value is $20,222.93 and no surprise here, desktop dominates with 85% of the volume.
‘Business Banking Momentum’
“The data confirms that the industry as a whole made great strides this past year and business banking momentum continues,” said Allan Brown, vice president, general manager digital community markets with Malauzai. “This report also indicates that despite these gains, business banking lags behind other digital solutions in terms of both usage and adoption. Best in class community financial institutions that are experiencing growth in this area recognize they have to offer business owners features and capabilities that provide real value, services that help businesses receive faster payments and operate more efficiently regardless of location.
“It is no surprise that the majority of business banking activity currently happens on a desktop; however, as more institutions adopt a single platform, providing a more streamlined approach, we expect to see a shift to more mobile usage,” Brown added.
The full Monkey Insights report can be found here.