AUSTIN, Texas–How does the behavior of iPhone users compare with Android users when it comes to online banking?
According to the latest Monkey Insights “little data” report from Malauzai Software, which is based on February 2016 data for 350-plus banks and credit unions representing more than seven-million logins from more than 400,000 active Internet and mobile banking users:
Login Frequency
- For iPhone users, the monthly login frequency has remained consistent from October 2015 through January 2016 at approximately 17.4 times a month. Android users login slightly more often at around 18.65 times per month, a slight increase from October 2015.
- iPad users average 6.7 logins per month, less than half the amount than their mobile counterparts. Internet banking login frequency in January 2016 was 7.68 times per month, a slight decrease from October. These numbers clearly indicate that mobile is the preferred method over Internet banking.
User ID/Password
It is no surprise that the combination of user ID and password is the overwhelming leader for how users login to banking, noted Malauzai. This method of login goes beyond banking as the main option for users.
Alternate Login Types
Alternative forms of login such as PIN-based login, Touch ID and SmartText are increasing in usage, Malauzai said. PIN login accounts for almost 10.5% of the number of logins per month. Touch ID and SmartText are not far behind, accounting for approximately 9.7% of all logins.
iPhone vs. Android
There are 1.5 times more iPhone users that leverage PIN-based login than Android users. Additionally, iPhone users utilize Touch ID and SmartText 3.4 times more than Android users. Even though there are more iPhone than Android users employing these methods, iPhone users account for only two times the number of logins as Android users.
Money Movement
For money movement transactions, Touch ID and SmartText users are required to pass stronger step-up authentication, including usernames, passwords or additional information, Malauzai said.
Session Duration
Session duration for Internet banking is more than two times longer than mobile sessions. Mobile users log in more often for shorter durations, according to Malauzai.