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Mobile banking usage tied to time, day

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AUSTIN, Texas (5/5/14)--Financial institution members and customers are switching to the mobile channel as their exclusive choice for remote account access, according to mobile banking provider Malauzai Software's latest Monkey Insights "little-data" report.
The monthly report highlights key trends in mobile banking usage based on March data for 158-plus banks and credit unions, covering 2.6 million logins from 181,000 active mobile users.
The latest report delves into session usage information.  At best-in-class credit unions and banks, approximately 15% of mobile users are mobile-only and have stopped using the Internet banking channel.
The average single-session duration for mobile banking is 1 minute, 25 seconds. For iPhone it is 1:12, for Android it is 1:28 and for iPad it is 2:05. Android is probably a bit longer, as in usability tests, Android users take slightly more time accessing features because of the menu structure. The longer iPad duration also makes sense as end-users tend to dwell more on features such as transaction history and viewing check images, Malauzai said.
Friday is the busiest day of the week, and Sunday is the slowest day of the week for mobile banking. Over a monthly period the Friday before the last day of the month tends to be the busiest day and the first Sunday of the month is the slowest. There does not seem to be any spikes on paydays, such as the first and 15th of the month. There seems to be no platform differences when tracking busiest days.
Nine a.m. is the busiest hour for mobile banking usage across all platforms. The second highest usage hour is 4 p.m., just behind 9 a.m. These times are consistent for all device types.  The slowest hour of the day is 3 a.m. Interestingly, Android end-users show heavier usage between 1 and 3 a.m. than their iOS counterparts. On Saturday and Sunday the busiest hour is noon and usage stays very high until around 4 p.m.--consistently higher between these hours than on a weekday.
There seems to be very little change in usage patterns when looking month-to-month.  There are slight spikes in usage in May, August and December, but just a few percentage points with the December spike being the largest. This is most likely because it is the busiest shopping period of the year, so end-users are checking balances more frequently. Overall, usage is very consistent throughout the year.
Mobile banking features used also does not vary widely from the time of day, from day-to-day or from month-to-month. The one exception is check deposit. Depositing checks is performed less frequently during evening hours and most frequently during daylight hours.