AUSTIN, Texas—A new study offers some insights into the top features of mobile banking smart apps.
Malauzai Software’s latest Monkey Insights survey, which it bills as the “little-data" report and which was conducted during August data with 200+ banks & credit unions. Not counting checking, Malauzai said the top five features used in mobile banking are transaction history, internal account transfer history, internal account transfers, check and deposit images, and remote check deposit. “On iPhones, internal transfer history jumps above transaction history. On iPads, check and deposit images are at a much higher percentage than that of smartphones,” the company said.
In terms of consumer preferences, it found other popular features to be:
* Log Off Your SmartApp. When an end-user hits the home button on their phone or tablet, the mobile banking session is securely terminated. They DO NOT have to log out, noted Malauzai. “In general, 28% of end-users choose to hit the logoff button before they leave the SmartApp. 30% of Android folks logoff, compared to 26% of iPhone users. And iPad defies convention where 70% of end-users hit the logoff button before leaving the SmartApp. Clearly tablets are shared devices where logging out is more critical...”
* SmarText Quick Balance. The SmarText feature allows end-users to access their balances quickly without performing a standard log in. “It is a secure way to see your balance quickly. Overall, 11% of the time someone accesses their mobile banking app, they are using SmarText Quick Balance,” said Malauzai in its analysis. “Interestingly enough, only 3% of Android end-users choose this method for accessing mobile banking. iOS (iPhone and iPad) choose it 14% of the time.”
* Balance is the “Killer” Feature. The study found that 76% of the time a user accesses mobile banking, all they do is check their balance. “This is consistent month after month and correlates with short sessions which average about 1 minute 15 seconds. People want their balances and they want them quickly.”
* Personalization. People like to personalize their mobile banking SmartApp. “When you add up using nick-names, changing language, personalizing the number of transactions that show in the app and choosing the order of accounts, this category is the 7th most used feature in the SmartApp,” the company said. “It is critical to let end-users choose what their experience looks like and how mobile banking functions.”
* Least Used Feature. “No surprise maybe, but looking at terms and conditions is the least-used feature in mobile banking,” company said. “Not far behind it is viewing the ‘About-Us’ information most credit unions and banks provide inside the SmartApp.”