AUSTIN, Texas (1/30/13)--Malauzai Software Inc., a provider of mobile banking applications for community financial institutions, including credit unions, said it saw significant growth in consumer demand for mobile banking in 2012.
Malauzai increased its revenue 300% in 2012. The company attributed the growth to an expanding customer base, which rose to 106 in 2012 from 30 at the end of 2011.
"Our growth in 2012 is evidence that banks and credit unions are coming to realize the benefits of a stand-alone mobile banking channel," said Robb Gaynor, Malauzai chief product officer. "Having mobile banking serve as an extension of your online channel no longer qualifies as a mobile offering, and our clients have seen tremendous success and customer feedback by adopting that philosophy.
The stand-alone model allows for fast innovation and flexibility in a mobile program, which is essential with new functionalities introduced nearly daily, Gaynor added.
Due to its expansion of app functionalities, Malauzai saw 97,000 total downloads of its SmartApps by the end of 2012, as well as more than 70,000 registered users.
Among the functionalities the company added were Picture Pay, SmarText, multi-language and mobile remote deposit capture capability.