FI uptake of mobile apps jumps 25 percent within 1 year
Malauzai Software, a provider of mobile and Internet banking apps for community financial institutions, recently conducted a study of smartphone app adoption by 7,754 U.S. financial institutions ranging in size from $50 million to $15 billion in assets.
A company press release revealed these findings from the study:
- From 2014 to 2015, the number of FIs offering consumer mobile banking apps grew 25 percent;
- of institutions with iPhone apps, 99 percent also offer Android apps and 61 percent offer iPad apps;
- the upper Midwest boasts the highest penetration of mobile banking apps among FIs.
- the top 10 mobile app vendors hold 81 percent of the market share.
“To us, it is important to see the traction mobile banking is gaining and the devices customers prefer, and we are pleased to share this information with the industry at large,” Malauzai Chief Product Officer Robb Gaynor said in the release. “As the functionality of mobile banking advances, we look forward to watching this research evolve in the years to come.”