Malauzai’s Monkey Insights Analyzes Trends on Business Digital Banking

Trucking News
16 Apr by Vitaliy Dadalyan

Malauzai’s Monkey Insights Analyzes Trends on Business Digital Banking

AUSTIN, Texas–(BUSINESS WIRE)–Malauzai Software, a leader in digital banking, and a Finastra company, today released its March 2019 Monkey Insights report that highlights key trends in Internet and mobile banking usage based on February’s data for 400+ banks & credit unions, covering 15.3 million logins from 920,000 active Internet and mobile banking users.

The report examines business digital including both desktop and mobile banking usage.

Key findings include:

  • Desktop is the preferred platform for business banking with 85 percent of logins compared to mobile’s 15 percent. Of the mobile logins, 60 percent used an iOS device and 40 percent Android;
  • The preferred features in business banking are the same as consumer banking, balances, transaction history and internal transfers are the most popular followed by viewing deposit images and checks and finally remote deposit capture (RDC). However, business users spend more time than consumers viewing transaction history;
  • Remote deposit usage is gaining momentum in business digital, with approximately 7 percent of business users making a deposit in February. The feature is focused on smaller businesses that are using Mobile to augment traditional check capture;
  • ACH upload is king for businesses; 80 percent of all money movement is related to uploading an ACH file;
  • The majority of the ACH activity comes from a desktop; ACH file upload is much more difficult from a smartphone; and
  • Internal transfers for business users reaches high volume accounting for more than 10 percent of money movements. The average value is $20,222.93 and no surprise here, desktop dominates with 85 percent of the volume.

Allan Brown, vice president, general manager digital community markets, Malauzai, said, “The data confirms that the industry as a whole made great strides this past year and business banking momentum continues. This report also indicates that despite these gains, business banking lags behind other digital solutions in terms of both usage and adoption. Best in class community financial institutions that are experiencing growth in this area recognize they have to offer business owners features and capabilities that provide real value, services that help businesses receive faster payments and operate more efficiently regardless of location. It is no surprise that the majority of business banking activity currently happens on a desktop; however, as more institutions adopt a single platform, providing a more streamlined approach, we expect to see a shift to more mobile usage.”

Read the full Monkey Insights here.

About Malauzai Software
Malauzai – a Finastra company, was incorporated in 2010 in Austin, Texas, in response to the growing demand for innovative mobile technology solutions for community financial organizations across the US. As a cool company in a cool town with a focus primarily on community banks and credit unions, we provide consumer, small and larger business, and employee SmartApps™, that enhance the customer experience for mobile and Internet banking, ultimately resulting in increased value for financial institutions. Malauzai was acquired by Finastra, a global financial technology company, in June 2018. Together we deliver a fully integrated open core platform for payments, lending and digital. Please visit Maluazai.com.

Contacts

Anna Stanley/Catherine Laws
[email protected]/[email protected]
251.517.7857/678.781.7206

This article published with permission from Business Wire

ByVitaliy Dadalyan