Report Finds Majority Of Customers Using Mobile Banking

Malauzai Software, a leader in mobile and internet banking, released its monthly Monkey Insights, which found that mobile active users has now surpassed 50 percent.

The report highlights key trends in internet and mobile banking usage based on May 2017 data for more than 435 banks and credit unions, covering 13.9 million log-ins from 765,000 active internet and mobile banking users.

The data found that 54 percent of active users of digital banking use mobile banking — and that number soars when it comes to class financial institutions (FI), reaching over 70 percent.

When it comes to tracking digital usage levels, these FIs have more mobile users than internet, with 45 percent exclusively using the mobile channel. These customers have stopped using the LEGACY Internet Banking solution completely, and now that mobile is equal to internet in terms of functionality, this statistic is expected to only grow.

But the report finds that internet banking is still critically important, with 75 percent active usage. In fact, the best FI has about 55 percent of its digital banking customers still using the internet. But there are worrisome signs: 65 percent of FIs tracked have over 85 percent of their digital banking active customers still using internet banking, which means their mobile is underdeveloped or potentially undermarketed.

“It is becoming abundantly apparent that mobile is the banking channel of choice. Internet banking is by no means dead, but today’s busy individuals like the convenience that mobile banking offers. Banking on the go is becoming the de facto standard, it seems,” said Robb Gaynor, Malauzai chief product officer.