AUSTIN, Texas—New research is offering some insights into consumer behavior in mobile banking with internal account transfers, average value of check deposits (where credit unions “lag”), and more.
Released by Malauzai Software as part of its Monkey Insights “little data” report, the goal is to take the “overwhelming amount of big data surrounding mobile banking” and break it up “into digestible analytics factoids that we like to call ‘little data.’”
The data in this month’s report was compiled with the help of students from Concordia University Texas who were working on their MBA Capstone project. The students analyzed the Malauzai mobile banking usage data to create a comparison of community financial institutions (CFI’s) and benchmark the “best-in-class” credit unions and banks across selected data points. Two-hundred sixty banks and credit unions are included in the analysis. Statistics for the top 15 CFIs, or the top 5%, are quoted below. Among the findings:
- Internal Account Transfer—Wide Range of Average Transfer. The average value of an internal transfer ranges from $1,500 to $140 across 260+ financial institutions that offer internal account transfers. When eliminating the top 5% and the bottom 5% the range in transfers is $985 to $220. Several of the credit unions and banks in the top 5% of the range (top 15 CFI’s) seem to have a propensity towards business accounts or small business accounts that are utilizing retail mobile banking services and driving up their average transfer values.
- Average Value of Check Deposit—Credit Unions Lag. The average value of a check deposit ranges from $1,750 to $190 across 115+ financial institutions that offer a remote check deposit feature. When eliminating the top 5% and the bottom 5% the range in deposit value is $960 to $231. The top 25% CFIs ranked by average deposit values are all banks. A credit union does not show up until the second quartile and the average is approximately $650 for this credit union where the top banks average is $1,750. How a bank and credit union differ on the risk associated with depositing checks remotely is clearly evident in this statistic, the company stated.
- Average End-Users Per Platform—Apple Wins. On average, 60% of overall logins are from Apple devices. In 3% to 4% of the reporting CFIs, Android is leading the platform race and the percentages flip, where they represent approximately 60% of overall usage. For approximately 8% to 10% of the CFIs measured, Android usage and Apple usage is about equal.
- Average Value of Bill Pay—Mobile On Track with Internet. The average value of a mobile bill payment ranges from $766 to $113 across 104 financial institutions that offer a mobile bill pay feature. When eliminating the top 5% and the bottom 5% the range in bill payments is $484 to $157. At various CFIs, an average end-user is making between 4.5 payments and 1.83 payments per month.
- Total Money Movements—Mobile End-Users are Active. When you combine all of the various ways of moving money from bill pay through check capture, a typical mobile user moves money 3.3 times per month. The range for CFIs is from a high of 5.7 times per month to a low of 1.66 times per month. This is an important statistic. Moving money is a “sticky” activity and the CFIs at the higher range of this metric are doing a better job engaging their end-users.