Guess Which Are Most And Least Used Mobile Features

AUSTIN, Texas—Internal money transfer is the most used mobile banking feature while reading terms of use information is the least used, according to a new study.

Malauzai Software’s latest Monkey Insights “little-data” report looked at how consumers are using their mobile devices for banking.

Reviewing the top five mobile banking features, Malauzai said usage data demonstrates that consumers take advantage of the ease-of-use and easy access of mobile to review transactions and complete money movement. 

“It is interesting to note that iPhone users tend to perform more transfers and deposits than Android users. However, the analytics show that the number of users reviewing transactions is about equal across platforms,” the company stated.  

In the study based on June mobile banking usage data for more than 340 banks and credit unions, covering 5.9-million logins from over 350,000 active mobile banking users, internal transfer was the most used feature with viewing transfer history as No. 2. Looking at transaction history came in third (see chart below).

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Malauzai also looked at the least used mobile features.

  • Terms of Use.No surprise, but end-user viewing of terms of use is the least-used feature in mobile banking, Malauzai said. 
  • Retake Picture Pay Photo.Picture payments have increased at a monthly rate of 11.93% over the last year. Offering the ability to retake a picture when needed is a requirement, but the data indicates that the frictionless nature of paying bills and adding payees with the camera rarely requires a user to retake/resubmit a bill photo, Malauzai said. 
  • Main Marketing Message.With only 4,322 uses or click-throughs, the marketing message may currently appear to have limited value. “However, mobile banking users are a captive audience and are specifically engaging with their app. The marketing message provides not only impressions of the ad, but an ideal targeted cross-sell opportunity,” explained Malauzai.
  • Contact Us And Branch Locator. Despite the fact that these are on the least used feature list, they do see some action; with the on-the-go nature of mobile, it is very important to provide end-users local branch and ATM access. “End-users expect this functionality, as it is a parity feature with other mobile applications that provide geo-location information on-demand,” Malauzai said.
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“As mobile banking adoption grows, it’s interesting to explore how features are being used, and which features are surpassing others in popularity,” Malauzai noted. “So, should the least frequently used functions go away? The answer is definitely ‘no.’ Many of these options are ones consumers simply expect. Banks and credit unions should supply consumers with as much access via their mobile device as possible, and the choice to determine what features they want, and when they want them.”

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Word Count: 592
Copyright Holder: CUToday.info
Copyright Year: 2019
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URL: http://www.cutoday.info/Fresh-Today/Guess-Which-Are-Most-And-Least-Used-Mobile-Features