AUSTIN, Texas–A new report on mobile banking and Internet banking has found “there are huge differences” in financial behavior from device to device.
Malauzai Software’s latest Monkey Insights report, which it bills as a “little-data” report that breaks big data into digestible analytic “factoids,” highlights key trends in Internet and mobile banking usage based on February 2017 data for more than 425 banks and credit unions, covering 10.8 million logins from 690,000 active Internet and Mobile Banking users.
“The report highlights data related to the different digital channels; iPhones, Android smartphones, iPads and desktop via browser,” said Malauzai. “There are HUGE differences from device to device. Huge. The usage IS NOT exclusive, as many end-users are registered on multiple platforms. This report highlights how they behave when using the various platforms.”
Among the findings:
- Sessions are 1:15 for Mobile and 2:45 for Internet: “That’s over a whole lot of usage so those are good numbers. More than double for Internet than for mobile banking,” the company aid. “People get in quick on mobile and tend to dwell on the desktop. And this is not because of functionality, as in almost all cases mobile has functional parity with Internet…Shame on you if you don’t today have functional parity between Internet and mobile, for shame community banking executive, for shame…”
- Platform Usage Still Favors iPhone: Fifty-seven percent of active mobile banking end-users are using an iPhone. Forty-three percent are using an Android smartphone, Malauzai reported. “While this still favors iPhone, it is equalizing. Over the past 18-months, Android has gained ground starting at 37% of the active users. iPad tablets stay low at approximately 3% of active mobile banking and digital banking users. There are many stories of tablets sales slowing, and this is reflected in aggregate mobile banking data as well.”
- Mobile Users Log In 150% More Frequently Than Desktop/Internet: Smartphone end-users logged in 18 times per month in February. Desktop users logged in eight times. Mobile usage is much more frequent, and they are not exclusive, as Internet banking users use mobile and mobile banking users use the desktop. iPad end-users round out the bunch logging in 7.5 times in February, Malauzai said. “So, in general, large format devices are two times a week and small format is 4.5 times a week. For those end-users in quick balance mode, where they can see their balances WITHOUT performing an actual login with password and ID, these end users log in 36 times a month—very engaged users.”
- Business Usage – Stuck on Internet: The biggest story, according to Malauzai, is that businesses are stuck on the traditional desktop channel. Less than 10% of active usage when looking at log in activity is via an iPhone, all other is desktop. For money movement, it is even worse. “Topping the list is ACH origination or payments, of which 10% were from an iPhone. Less than 0.25% of wires were done on a phone. And just 2% of ACH batch processing (approvals etc.) took place on a mobile device. Business users are also exclusively iPhone. Very few use an Android device. iPad is up there just above Android. Log in duration is over five minutes so double a typical consumer.”
- Log in Time of Day: Consumers start logging in around 7 a.m. and go all day falling off again at 7 p.m. with peak usage at noon and 4 p.m., Malauzai reported. “Usage is steady all day, slowly falling off and just kind of stops at 9 p.m. Businesses log in most frequently at 10 a.m. on Monday. Usage starts at 8 a.m. and runs until 4 p.m. and abruptly stops. Business digital is used by employees, they go home. There is very little usage of Business Digital from 6 p.m. until the following morning.”
- Large Format, Large Dollars: When people are on a large format device like an iPad or moving money from their desktop, they move much larger values of money, 250% larger value, Malauzai noted. “That is a huge difference. We tracked 988,000 money movements in February. This includes transfers, billpay, check deposits, P2P, etc. Everything where money is moved. Fifty percent of the total money movements were made by iPhone users. So, people do use the small device to pay, but clearly they trust larger formats more.”