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On Average, Mobile Deposits Grew by 35 Percent in 2017

January 19, 2018 / Source: Bank News

January 18 — Malauzai Software, a provider of Mobile and Internet solutions for community financial institutions, released its January 2018 Monkey Insights that highlights key trends in internet and mobile banking usage based on December 2017 data for 400+ banks & credit unions, covering 17 million logins from 885,000 active Internet and Mobile Banking users.

This report examines general usage within digital banking, covering all of 2017, looking specifically at the 12-month trends that were experienced throughout the entire year.

Key findings include:

Mobile Deposits for banks and credit unions grew by an average of 35%;
A2A transfers saw 60% growth;
iPhone users outpaced Android users by 10%;
63% of digital activity is checking account balances and looking at transaction history; and
P2P Payments showed an increase of 30%.

 Robb Gaynor, Malauzai’s chief product officer, reviews the company’s data each month to determine the trends that financial institutions would find beneficial and interesting. “In looking at 2017 as a whole, a few notables stood out. First, checks are not going away anytime soon.  Second, moving money to yourself is a hot trend. And third, the iPhone continues to gain traction with mobile banking market share. It will be interesting to see what new trends emerge for 2018 in overall digital banking usage. Stay tuned. ”

Read the full Monkey Insights here.