CUs Outpace Banks on Mobile Apps, but Banks Are Catching Up
November 20, 2015 2:07 PM
A survey of nearly 8,000 credit unions and banks shows a greater percentage of credit unions have issued mobile banking apps than banks, but growth on the banking side is quickly picking up steam, according to research by Malauzai Software.
Who Participated in the Survey?
Some 7,754 institutions participated in the survey conducted by Malauzai Software, a provider of mobile and Internet banking apps. The goal of the research was to get a snapshot of mobile app usage.
Number of FIs that Had Apps in 2014
In 2014, a larger percentage of credit unions64%had implemented mobile banking apps for consumers compared to 51% of banks.
Number of FIs that Had Apps in 2015
This year, although credit unions still lead, with 76% of those surveyed offering mobile banking apps for consumers compared to 66% of banks; banks had the quicker growth, with a growth rate of 29% at banks compared to 17% at credit unions.
Android vs. Apple
The number of financial institutions with apps for iPhone just edged out those with apps for Android smartphone, but 99% of FIs with iPhone apps also have Android apps, and 61% of FIs with iPhone apps also have apps for iPad.
Consumer Apps Far Outnumber Business Banking Apps
FIs are far more likely to offer mobile apps geared for consumers69%compared to just 1.8% offering mobile apps for business banking.
Where the Apps Are
The upper Midwest leads the way when it comes to mobile banking apps, with 29% of FIs in that region offering such apps, followed by the Southeast (21%), Southwest (19%), Northeast (16%) and West (15%).
Does Size Matter?
Financial institutions with less than $250 million in assets had the greatest percentage boasting mobile apps at 50.1%, followed by 31.7% of FIs with $250 million to $750 million, 12.5% of FIs with $750 million to $2 billion, 5.2% of FIs with $2 billion to $10 billion and .4% of FIs with more than $10 billion in assets.
