AUSTIN, Texas Mobile end-user engagement continued to strengthen in July, according to data released as part of the Monkey Insights survey conducted by Malauzai Software.
The analysis is based on July data for more than 108 banks and credit unions, encompassing 1.4 million logins from 107,000 active mobile banking users. The company said it seeks to measure engagement and enrollment using two key characteristics: active usage, or those end- users who have used the mobile banking SmartApp in the past 90 days, and analysis of the statistics relative to the entire customer or member base of the banks and CUs.
Among the findings:
* For banks and credit unions who have been live a minimum of 12 months, the average month-over-month growth rate is 4.19%. The best in class number is 11.56% with several banks and CUs topping 10%. “Organic growth is strong and can be attributed to the general growth of mobile smart phone handsets as well as these financial institutions making mobile part of all of their marketing campaigns. Putting the Apple App Store and Google Play icons on all marketing materials is a powerful tool to raise awareness,” the company said.
* Customers/members are flocking to the channel. Best in class banks and CUs are reporting between 37% and 39% of their total households or deposit accounts are using the mobile banking SmartApp. The average is between 17% and 21%. Between 12% and 15% of households registered on the application within 60 days of launching the SmartApp.
* End-users are engaged. 72.5% of end-users who register for mobile banking use the SmartApp within a 90-day period and they stay active. The numbers vary for Apple and Android as Apple end-users are at 73.09% and Android end-users are at 69.70%, Malauzai said. “If you look at year-to-date usage, the number of active end-users jumps to 92% of registered users.”
* iOS devices dominate. Counter to expectations, 66% of all registered end-users are on the iOS platform. Yes, there are many more Android devices out there in the market, Malauzai noted, but clearly a majority of mobile banking end-users are on iOS devices.
* Android sessions middle of the night. The only time there are more Android end-users using mobile banking than iOS end-users is between 2 a.m. and 3 a.m. This is one of many indicators that Android end- users are “different,” the company said. “Could they be younger? Not sure, but they sure are up in the middle of the night!”
* Session engagement is up. Mobile banking SmartApp users log in an average of 3.7 times per week with an average session duration of 1 minute 14 seconds. This is up from a year ago where the average was 3.15 sessions per week and 1 minute 5 second sessions. Android sessions are longer, averaging 1 minute 46 seconds.
