Mobile Banking Becoming Default Digital Standard
More than half of active digital banking users plug into mobile regularly and for some financial institutions, the percentage is even better than 70%, according to the Austin, Texas-based Malauzai Software.
For its May Monkey Insights report Malauzai, a mobile and internet banking provider, analyzed data gathered from 435-plus credit unions and banks, covering 13.9 million logins and 765,000 active internet and mobile banking users.
“It is becoming abundantly apparent that mobile is the banking channel of choice. Internet banking is by no means dead, but today’s busy individuals like the convenience that mobile banking offers. “Banking on the go is becoming the de facto standard it seems.” Robb Gaynor, Malauzai chief product officer, who reviews the data to see what trends are evident, claimed.
For the report, internet banking is defined as digital banking access via a browser, using legacy internet banking technology as opposed to mobile banking native apps, purposely built for a specific platform.
Key report findings include:
- Fifty-four percent of active users of digital banking use mobile banking. For the best-in-class financial institutions, this number is more than 70%.
- Best-in-class financial institutions have more mobile users than internet; 72% active mobile and 56% active internet.
- With 75% active usage; 65% of financial institutions tracked still have more than 85% of their digital banking active users using internet banking.
- Another big story is mobile-only. The best-in-class financial institutions now has 44% of its end-users who exclusively use the mobile channel.
- On average 45% of active digital bankers are internet-only.
What does the best in class look like when tracking digital banking usage levels? According to Malauzai, first, they have more mobile users than internet; 72% active mobile and 56% active internet. Second, they have almost 45% mobile only users. These digital banking accountholders stopped using the legacy internet banking solution all together. For the financial institutions in this class, mobile banking leads the charge. internet is in second place, a full 35% behind. This Malauzai said is a picture of the future.