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
anna@williammills.com/catherine@williammills.com
251.517.7857/678.781.7206