AUSTIN, Texas–-Behavior differences can be seen in how consumers access financial accounts via an Internet banking platform vs. a mobile banking platform, according to a new analysis that offers some “surprises.”
Malauzai Software has released its latest Monkey Insights “little data” report based on Internet and mobile banking usage during October 2015 at more than 325 banks and credit unions, covering 6.55 million logins from 375,000 active Internet and mobile banking users.
Among the trends:
- Log In Frequency. Internet banking log-in frequency in October was 8.9 times per month or just about two times per week. For mobile iPhone users the monthly log-in frequency is 17 times a month and Android smartphone users average 18.3 log-ins every month. Clearly mobile is used more frequently than Internet banking, Malauzai said.
- Move Money. IB users in a browser move money at much higher rates than their mobile counterparts, Malauzai Software reported. A user accessing via a browser transfers money internally from account to account at 75% higher values than mobile counterparts. For bill pay, IB-browser users pay bills with average values 65% higher than mobile counterparts. And strangely enough, said Malauzai, things reverse for Person-to-Person (P2P) payments where browser average value is 35% below the average. And for context, iPhone users when compared to Android is still at its historical norm of about 80% higher. So Android average values are lowest, next is iPhone then comes Internet banking browser. “Don’t even ask about iPad as the usage was so low on tablets for P2P it is not even worth mentioning,” Malauzai said.
- Person-to-Person Payments. P2P calls for special treatment, according to Malauzai. “The rap against P2P on Internet banking was low usage. But all of us believe mobile will set P2P free! And so says the data. Eighty-six percent of all P2P activity came from a mobile device. Average value for October was $425 with iPhone users leading at $467. An active end-user made an average of 1.97 payments per month. Fifty-five percent of the P2P payments went via SMS messages and 45% via e-mail (P2P offers both as alternatives for message delivery related to P2P payments).”
- Internet Banking Check Deposit? “Yes, it is true: 2.5% of check deposits came in via a desktop browser. This proves how important it is to have all features available on all platforms. Who would think people would use the LEGACY Internet banking channel to deposit checks,” Malauzai said. “But the feature is there, it lets you take a picture of the check, transfer it to the desktop and upload it for processing. Crazy, but 2.5% usage proves people like options. And don’t try to out-think them and make decisions to leave features out of certain channels. Behavior always surprises us.”
- Session Duration. “As we always reported, session duration for Internet banking browser is longer: 70% longer. Average session duration was 2:34 in October for IB-browser. For mobile banking it was 1:34 for smartphone users. Mobile users log in more frequently and get off quickly,” Malauzai said.