AUSTIN, Texas–During the fourth quarter of 2015 an “interesting disparity” could be seen between market share statistics and mobile banking platform adoption, according to the latest Monkey Insights “little data” report.
That report seeks to take the overwhelming amount of big data surrounding mobile banking and Internet banking and break it up into digestible analytic “factoids.” The report highlights key trends in Internet and mobile banking usage based on March 2016 data for 350+ banks & credit unions, covering seven million logins from 400,000+ active Internet and mobile banking users.
In the latest report Malauzai looks at adoption and user behavior for iOS and Android. Among the findings, along with the Malauzai analysis:
- Adoption. In the final three months of 2015, it is interesting to view the disparity between market share statistics and mobile banking platform adoption. iOS consumers still make up the vast majority of mobile banking end users with 57.07%, but it is the opposite of overall market adoption, where Android maintains the lead. However, it is important to note that banking users’ adoption of the Android platform has grown from 35% in 2013 and 40% in 2014 to 42.93% at the end of 2015, albeit a slow growth. One might conclude that iOS’ dominance is a result of the stability and security inherent in the iOS platform, the company stated.
- Money Movement Comparison. It is not a surprise to see a higher percentage of money movement across various categories given the platform adoption numbers. But it is surprising to see iOS users average 27% more in each respective category, the company said. iOS users consistently move money at higher values than Android users. The average iOS value is $561 compared to the average Android value of $424, about 31% higher. While there isn’t a definitive reason for these variances, one might assume that the iOS users hold higher balances when compared to Android users, which leads to increased money movement both internally and externally.
- Length of Use. Android users are active in a session for an average of one minute one second; iPhone users one minute 21 seconds, and iPad users one minute 49 seconds. This indicates that iOS users, more specifically iPad users, are more active and engaged during their sessions. This can be supported by the increased money movement activity described above.
- Log In Metrics. Android users average 19.3 logins every month; iPhone users average 18.1 logins; and iPad users 6.9 logins. It is clear that Android/iPhone dominate iPad in login frequency. This could be attributed to the always connected mobile phone compared to iPad, where cellular connectivity, while available, is not as common.