AUSTIN, Texas—Breaches are having an effect on how often consumers use one mobile banking tool, while consumers are also showing a preference for finger-swiping functionality, according to a new report.
The Monkey Insights "little-data" report from Malauzai seeks to identify “digestible analytics” within big data.
Among the findings of the report, which is based on 265 banks and credit unions covering 5.1 million logins from 285,000 active mobile banking users:
Session Duration Higher In 2014 And Slow Christmas: Overall session duration has stayed consistent in 2014, averaging one minute 20 seconds. It is interesting, however, that the iPhone average session duration increased throughout the year ending at close to one minute 40 seconds. iPhone users are online longer than their Android counterparts, Malauzai observed.
Turning On & Off Debit Card: On average, end-users turned on and off their debit cards 130% more frequently in January 2015 than in January 2014. This is a cool feature as it allows an end-user to manage fraud risk around their debit card by leaving the card off and then turning it on when they need it. This increase could possibly be tied to the increased amount of large debit card breaches seen in 2014.
Picture Pay Numbers Increase: The average end-user taking pictures of bills is doing more payments in 2014, according to Malauzai. The average number of payments per month each end-user makes has increased by 18%. The average value of the payments is consistent at $235 per payment. The average monthly number is even higher on iPad, having increased over the year by almost 75%. In addition, iPad end-users make more payments than their smartphone counterparts. Clearly, there is a trend where end-users like the bigger “form factor” of a tablet when making payments.
Internal Transfer Higher Values In 2014: The average value of an internal account transfer has increased substantially in 2014 from an average of $393 in January 2014 to $475 in January 2015. The number of transfers each end-user makes has stayed very consistent at 3.3 transfers per month, Malauzai said.
End-User Growth Increasing Substantially: The average mobile channel end-user growth for a financial institution in production for at least one year is 35%. The best-in-class bank or credit union grew their user base by over 60% in 2014. Clearly there is substantial organic end-user growth occurring in the mobile channel, said Malauzai. “This is being driven by the popularity of smartphones and by financial institutions deploying innovative marketing campaigns for the mobile channel from grassroots e-mail campaigns to more fancy TV ads.”
Finger Navigation: Using your finger to swipe and navigate around a smartphone or tablet has increased by 125% year over year. This is an interesting data point as end-users might not be aware they can swipe a finger to navigate. Over time, they learn this is an option and clearly they like it, according to Malauzai.
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