A wide range exists when comparing average mobile deposit size across financial institutions, which reflects the range of deposit limits at banks and credit unions, according to the Austin, Texas-based Malauzai.
The mobile and internet banking provider's Monkey Insights little data report, which takes big data and breaks it up into digestible factoids, includes data gathered from 385-plus credit unions and banks. The report, which covers 8.95 million logins from 465,000 active internet and mobile banking users, highlighted comparison data for money movement statistics in August totaling $417 million and 730,000 money movement transactions.
While the data varies in the value of checks deposited and average value of transfers, Malauzai emphasized these mobile and internet offerings are crucial for consumer money movements.
“As users rely on mobile and internet banking tools, financial institutions should continue providing unique money management and bill pay options across devices,” the report stated.
Another interesting note is that average values of Malauzai's Picture Pay, which allows users to pay a bill simply by snapping a photo of it with a mobile device, have surpassed traditional bill pay's average values. Here are the findings:
The average value of a mobile check deposit was $598.50. The highest average for consumer deposits was $15,554. The second highest average was $12,744 (the business high was $22,450). Three percent of financial institutions had deposit averages greater than $3,000. Twelve percent had an average value of $1,000 or greater, and $167 was the lowest average deposit value. Four percent had an average deposit value below $250.
Internal transfers' average value also varied across institutions. The average value in August was $507 and end-users made an average of four transfers per month. The highest average consumer internal transfer was $3,856. The highest average business internal transfer was $90,103. Three percent of financial institutions had an average transfer value greater than $2,000. The lowest average transfer overall was $119. Four percent had transfer averages of less than $200.
The average value of Picture Pay varied less across financial institutions. The average value in August was $366. The highest average value was $1,448; the second highest was $804. No other financial institutions were above $600, with the next highest average coming in at $582. The lowest average value was $59.77. More interesting than the variance among financial institutions was the difference by platform for average value: Android = $236, iPhone = $317, iPad = $364, WebApps (internet banking desktop apps) = $470.
The average value of traditional bill pay was $308, which was lower than Picture Bill Pay. As with Picture Bill Pay, there was not a wide variance when comparing averages across financial institutions. The highest value was $692 and the lowest was $141.
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