The mobile banking market is saturated, new app growth has slowed, business mobile has failed to grow as expected, person-to-person growth is low and debit card controls are gaining popularity.

Those were among the findings from the 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. The research revealed 6,114 financial institutions, including 2,014 credit unions, have a consumer mobile banking app.

Other key findings from the research included the following:

• At approximately 75% coverage of all financial institutions, the market has reached a saturation point. In the past two years, new app growth has slowed to about 6% to 8%. The banks and credit unions left without an app almost all have less than $100 million in assets.

• Business mobile has failed to reach its expected growth. Almost 400 financial institutions, and only 15 credit unions, have a business mobile banking app.

• P2P payments are growing, but overall usage and consumer adoption of bank-centric P2P is low.

• Debit card controls have gained much popularity, providing a high level of market differentiation.

• Wearables are gaining momentum, yet most financial institutions do not have an Apple Watch app.

• Standalone apps are basically ancient history. However, there are still a few standalones such as remote deposit capture and other random apps for features such as debit card management.

• Five primary vendors supply most of the apps: Fiserv, FIS, Jack Henry, NCR/Digital Insight and Malauzai. But more than 60 suppliers build apps for financial institutions.

• Market churn is high at about 15%, as financial institutions seek differentiation by switching vendors.

"Our findings this year were a little surprising," Robb Gaynor, chief product officer for Malauzai, said. "The market is saturated, everybody has an app. We also found that businesses do not seem to care about having a mobile app and the growth in business mobile is very slow. And what surprised me the most was that finally banks and credit unions are launching debit card controls inside mobile banking." Debit card controls are features used to differentiate offerings from other financial institutions.