AUSTIN, Texas — In 2013 the average community financial institution grew its mobile banking usage base by 4.3% per month, according to new research.
The latest "Monkey Insights" from Malauzai Software said credit unions and banks that launched mobile banking initiatives in the past six months saw growth averaging 12% to 13% per month for the last two months of their curves — meaning growth accelerates more rapidly during months five and six after launch.
The 130-plus credit unions and banks Malauzai monitors processed 25% more mobile check deposits in December than the previous month. The company noted there always is a monthly increase as check capture is on the upswing, but the "normal" growth rate tends to be closer to 4% to 5% per month.
"Clearly, grandma and grandpa were sending checks to their kids and grandkids for the holidays," the company said in a typically cheeky press release. "In January, we have returned to the regular processing growth rates. This type of seasonality is really interesting, and provides motivation to get grandparents using P2P in the coming year."
With that said, Malauzai noted the slowest day in December for overall mobile banking activity is Christmas Day — by a factor of 60%. "Even with all those new smartphones and tablets being given as presents, people clearly download games first, not mobile banking apps," the company observed.
Noting the second busiest day of the month was Dec. 26, Malauzai said, "Maybe the U.S. should adopt Boxing Day as a holiday as in the UK, and we could give mobile bankers another day of reprieve."
According to the study, the top 3 tasks performed by mobile banking users stayed consistent in 2013: reviewing checking account balances, reviewing transaction history and transferring money internally. Reviewing check and deposit images moved up to a close fourth and a new service, debit card management, an even closer fifth. Depositing checks with a mobile device now is the sixth-most used feature in mobile banking.
"It is great to see an electronic payment feature such as debit card management rise up in the rankings," Malauzai said. "This is proof positive that financial institutions can play a strong role in the e-wallet space."
