AUSTIN, Texas — Consumers, in growing numbers, are turning to mobile exclusively for their remote banking needs, and CUs are doing a better job than banks at signing up mobile users.
Those are key findings from the two latest Monkey Insights "little-data" reports by Malauzai Software.
The February study shows CUs are enrolling members in mobile banking faster than banks are enrolling customers. The report indicates credit unions typically see monthly growth rates of 9% to 10% during the first six months after launching mobile banking; compared to banks that grow their user base an average of 7% per month.
"This runs counter to the belief that credit unions have an older member base than banks," the report shared.
While bank and CU account holders tend to make the same amount of money transfers each month, bank customers transfer more cash, averaging $456 to $326 for credit union members.
Bank customers log in more frequently during the month, averaging 16.2 logins compared with 12.1 for CU members. However, session duration is longer for credit union members at one minute 25 seconds compared to one minute 15 seconds for bank customers.
Bank customers make check deposits at higher average values than their credit union member counterparts. In January, the average bank customer deposited $536 per item while the credit union member average was $385.
The survey concluded that the higher money transfer averages for bank customers' possibly points to them holding more money in their deposit accounts. Banks customers also log in more frequently showing higher engagement though their sessions are shorter.
The March study shows that as mobile banking usage continues to surge, more members and customers are switching to the mobile channel as their exclusive choice for remote banking. At "best-in-class" credit unions and banks, approximately 15% of mobile users are "mobile-only" and have stopped using the Internet banking channel.
Other highlights include: Friday is the busiest day of the week and Sunday is the slowest for mobile banking; and 9 a.m. is the busiest hour for mobile banking usage, while 3 a.m. is the slowest. The second-highest usage hour is 4 p.m.
The February report is based on January data from more than 144 banks and credit unions, covering 2.2 million logins from 158,000 active mobile users. The March study is pulled from March data for 158-plus banks and credit unions, covering 2.6 million logins from 181,000 active mobile users.