While your Mobile Banking concerns as a consumer may be focused on whether your checking account has enough funds to support a night out on the town, your business usage is likely geared toward tracking spending and expenses.
A recent report by Malauzai Software sought to give an in-depth understanding of the differences between consumer and business Mobile Banking usage by looking at September data for 225 banks and credit unions. This included 250 million active users and 3.9 million logins.
The researchers examined five categories: device platforms, usage session data, monthly usage, feature usage and money movement.
Businesses and consumers like Apple
One similarity between business and consumer users is the popularity of Apple devices. According to the study, 81 percent of businesses log into Mobile Banking via an Apple product, while the same is true for 61 percent of consumers. iPads are particularly popular given the screen size, and businesses are more likely able to afford the devices compared to consumers.
Given the release of the new iPad® Air 2 and iPad Mini 3 and Apple's partnership with IBM to create more business-focused applications, it's no surprise tablets take the cake. The study also noted iPad sessions for businesses lasted an average of three minutes and 34 seconds, while average Mobile Banking usage for businesses overall was two minutes and 29 seconds. Consumers, on the other hand, had average sessions of one minute and 20 seconds.
When Mobile Banking is used during the month
Malauzai's researchers sought to determine when businesses used Mobile Banking most throughout the month. However, no particular date revealed a spike in usage. In regard to days of the week, Thursday and Friday were the top days. One trend the researchers did discern is usage went up at the end of the month.
"The highest two days of usage month over month is the last business days of the month," the report read. "This is very different for consumers, where Friday is the busiest day of the week and there is no spike at the end of the month."
Businesses use Mobile Banking for more than balances
The ability to check account balances on the go is a key feature of banking on a mobile device. Businesses take advantage of this feature the same as consumers, but the report discerned they more often use other features offered by Mobile Banking. A little more than half of the time businesses bank via a mobile device, they access features besides checking a balance.
Considering businesses utilize Mobile Banking more extensively, it isn't surprising they move more money each month via the services. On average, businesses transferred $1,950 each month, while consumers transferred $450. Additionally, the average size of a mobile check deposit from a business was $596, a significant difference from $405 for consumers.
Despite the apparent higher Mobile Banking usage among businesses, Malauzai Co-founder Robb Gaynor said business enrollment rates are much lower, according to the Credit Union Times.
For more tips and updates on the latest in banking technology, contact Landmark Bank.
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