Mobile users mostly check recent transactions: Malauzai

July 1, 2015

AUSTIN, Texas (7/1/15)--When members log into their mobile accounts, they are checking their balances the majority of the time, a task they are doing almost every day in some cases, according to Malauzai Software’s Monkey Insight’s report.

The report highlights key trends in mobile banking usage based on May 2015 data for more than 290 credit unions and banks, covering 5.9 million logins from 325,000 active mobile banking users.

Among the findings:

  • About 80% of the time an end-user logs in, he or she does nothing other than check balances and look at recent history--usually the five most recent transactions, Malauzai said. End-users make deposits through the mobile channel 8.24% of the time;
  • On average, an active mobile banking end-user is logging in 17.5 times per month. If they use a quick-balance feature, they log in every single day, or 31 times per month;
  • Check deposit growth is strong. Depositing checks through the mobile channel remains popular and is increasing. A typical financial institution has 25% more active mobile depositors than a year ago;
  • Historically, failure to log in has been hovering around 15%. In May 2015, 9.8% of login attempts failed--a significant decrease. More “non-legacy” logins use a four-digit PIN to access mobile banking, reducing login failures. Quick-balance features where the device is logging in, but the end-user is not, also add to this improvement; and
  • Mobile banking premium features are used more frequently. For example, an end-user who turns his or her debit card on and off does so on average five times per month. An end-user who uses the branch locator does so on average once per month. Users with mobile photo bill pay capability use the service just more than twice per month.