The mobile banking market is saturated, new app growth has slowed, business mobile has failed to grow as expected; P2P growth is low; and debit card controls are gaining popularity.
Those are among the findings from Austin, Texas-based digital banking provider Malauzai Software in its annual research representing the mobile app usage of 7,686 financial institutions, including 2,361 credit unions, across the U.S. Malauzai analyzed data financial institution from $50 million to $5 billion. The research revealed 6,114 financial institutions, 2014 credit unions, have a consumer mobile banking app
At approximately 75% coverage of all financial institutions, the reached a point of almost full capacity. In the past two years new app growth has slowed to about 6%-8%. The banks and credit unions left without an app are almost all under $100 million in assets.
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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.).
