Balance checks dominate digital

A recent analysis of 5.9 million mobile banking logins from 325,000 customers of banks and credit unions, conducted in May by Malauzai Software, produced these factoids:

• Top mobile banking features: 80% of the time an customer logs in, he or she does nothing other than check balances and look at recent history—usually the five most recent transactions. Once logged into mobile banking, this is what a typical end-user does: 21.1% check full transaction history; 19.6% make an internal transfer; and 13.3% look at cleared checks and deposit images. End-users make deposits through the mobile channel 8.24% of the time. All top features peak in usage on Fridays, although Wednesday is the top day for viewing check and deposit images

• Check deposit growth is strong: A typical financial institution has 25% more active mobile depositors than a year ago, and the average value for a mobile deposit is now $501.67. End-users typically make 2.75 deposits per month. While a year ago, 70% of images were accepted on a user’s first attempt, that number has risen to 75%.

• Login frequency: On average, an active mobile banking user logs in 17.5 times per month. If he or she uses a quick-balance feature, he or she logs in every single day, or 31 times per month. iPhone customers log in about 5% more often than average, while iPad users log in only 6.5 times per month, a clear signal that most of these users use an iPad as their secondary mobile device.

• Login failure: Historically, failure to log in has been hovering around 15%. In May 2015, 9.8% of login attempts failed.

• Mobile person-to-person payments: 65% of notices are delivered via text, and 35% are delivered via email. The average value of a P2P payment is $312, and iOS users send money at 65% higher values than Android end-users. End-users are making 1.85 P2P transfers per month.

• Feature engagement: Customers who turn their debit cards on and off do so five times per month. An end-user who uses the branch locator does so on average once per month. Checking history and making deposits hover around three times per month. Using mobile photo bill pay is used just over twice per month.