AUSTIN, Texas–The upper Midwest of the U.S. as a financial services technology hub?
That would appear to be the case, according to research on mobile apps released by Malauzai Software, which examined 7,754 financial institutions across the U.S. with assets between $50 million and $15 billion. Among the findings:
- Between 2014 and 2015, there was a 25% growth rate in financial institutions with consumer mobile banking apps.
- Of institutions with iPhone apps, 995 also provide Android apps, and 61% provide iPad apps.
- There are more than 150 business mobile apps specifically built for businesses and more than 140 apps for standalone remote check capture; usually a standalone app is necessary when an institution’s primary mobile vendor cannot build out RDC fast enough, Malauzai noted.
- The upper Midwest currently has the highest penetration of mobile banking apps among financial institutions.
- Malauzai reported that the top 10 mobile app vendors hold 81% marketshare.
“This is our third year doing this research and each year we identify the banks and credit unions across the country leveraging mobile banking apps to really push innovation, said Robb Gaynor, Malauzai’s chief product officer. “To us, it is important to see the traction mobile banking is gaining and the devices customers prefer, and we are pleased to share this information with the industry at large.”