Consumers said they prefer mobile banking over Internet banking, and Android device users login to mobile banking more frequently than iPhone users, according to Malauzai Software's February Monkey Insights report.
The report from the Austin, Texas-based mobile and Internet banking provider highlighted key trends based on data from 350-plus banks and credit unions. It also covered seven million logins from more than 400,000 active Internet and mobile banking users.
The Monkey Insights report revealed the following key data on logins:
Login frequency: For iPhone users, monthly login frequency remained consistent from October 2015 through January 2016 at approximately 17.4 times a month. Android users logged in slightly more often at around 18.65 times per month, a slight increase from October 2015. iPad users averaged 6.7 logins per month, less than half the amount than their mobile counterparts. Internet banking login frequency in January 2016 was 7.68 times per month, a slight decrease from October.
Login methods: User ID/Password, a combination of user ID and password, is the overwhelming leader for how users login to online and mobile banking. This method of login goes beyond banking as the main option for users.
Alternative forms of login such as PIN-based login, Touch ID and SmartText are increasing in usage. PIN login accounted for almost 10.5% of the number of logins per month. Touch ID and SmartText were not far behind, accounting for approximately 9.7% of all logins.
iPhone vs. Android: There were 1.5 times more iPhone users who leveraged PIN-based login than Android users. Additionally, iPhone users utilized Touch ID and SmartText 3.4 times more than Android users.
Money movement: For money movement transactions, Touch ID and SmartText users were required to pass stronger step-up authentication, including usernames, passwords or additional information.
Session duration: Internet banking session duration was more than two times longer than mobile sessions. Mobile users login more often for shorter durations.
Malauzai login methods included PIN login, where users can set up and enter a four-digit PIN to login to its SmartApps; Touch ID, with fingerprint recognition availability on supported iOS devices; and SmartText, which provides quick access to account balances and transaction history without entering usernames, passwords or PINs.
In February, Malauzai also announced the total number of downloads for its mobile banking SmartApps in Google Play and the Apple App Store surpassed one million end-user downloads.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
