AUSTIN, Texas–Usage of mobile banking apps by consumers has seen its biggest year-over-year gain in three years.
According to new data released by Malauzai as part of its October Monkey Insights report, which examines trends in Internet and mobile banking usage based on October’s data for more than 400 banks and credit unions, covering 19.6 million logins from 980,000 active internet and mobile banking users, the latest trends include:
- Consumers are using 9% more mobile banking apps than in 2017, the biggest year-over-year gain in the past three years
- 67 different vendors helped institutions publish an app, with five vendors controlling 85% of the apps in the marketplace
- Business mobile apps have doubled, but still underwhelm at just 549 apps
- Person-to-person (P2P) payments is up 250%, but where the “hell” is Zelle with only 20 FIs offering the service
- Card management grows by 125% with 633 banks and credit unions now offering this feature
And the Winner of Big Bank Design Index Is…
Malauzai also announced that JP Morgan Chase had won its first big-bank design index, which measures an app’s ease of use and full array of features.
“It’s no surprise that payments, specifically P2P features, continue to surge, although we’re still waiting for Zelle to take the industry by storm,” said Robb Gaynor, general manager digital banking for Malauzai. “It’s clear that this is not the preferred choice of community banks and credit unions. Business mobile is finally gaining some traction. The industry has definitely made progress when compared to last year’s data; however, there is still a lot of work to be done to ensure these apps provide actual value to business owners.