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Mobile Banking Use Up 4.19% In July
AUSTIN, Texas (8/20/13)--U.S. mobile banking use in July continued to strengthen, rising at a 4.19% average month-over-month growth rate for credit unions and banks that have been in operation at least one year, according to a recent survey.
 
Credit unions and banks surveyed in July reported between 37% and 39% of their total households or deposit accounts use the mobile banking SmartApp, said the Monkey Insights Mobile Banking  Smart Device Usage survey released last week by mobile banking company Malauzai Software.
 
Other findings are:
  • End-users are engaged. About 72.5% of end-users who register for mobile banking employed the SmartApp within 90 days. The numbers vary for Apple and Android, with Apple end-users at 73.09% and Android end-users at 69.70%. For year-to-date usage, the number of active end-users jumped to 92% of registered end-users.
  • iOS devices dominate. Counter to expectations, 66% of registered end-users are on the iOS platform. There are many more Android devices in the market, but clearly mobile banking end-users are on iOS devices, said the report.
  • Android sessions--middle of the night. The only time there are more Android end-users using mobile banking than iOS end-users is between 2 a.m. and 3 a.m. This is one of many indicators that Android end-users are different.
  • Session engagement is up. Mobile banking SmartApp users log in an average of 3.7 times per week, with an average session duration of one minute 14 seconds. This is up from a year ago when the average was 3.15 sessions per week and one-minute-5-second sessions. Android sessions are longer, averaging one minute 46 seconds.
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