Mobile Banking Apps Growing Rapidly

The number of community and small regional banks offering consumer and business mobile apps has been growing at a 25 percent annual rate, according to new research released by Malauzai Software, Austin, Texas.

To gather information about banking apps, the company studied 7,754 financial institutions across the United States ranging in asset size from $50 million to $15 billion.

Other key research findings:

  • Of institutions with iPhone apps, 99 percent also provide Android apps and 61 percent provide iPad apps.
  • There are more than 150 business mobile apps specifically built for businesses and more than 140 apps for standalone remote check capture (usually a standalone app is necessary when an institution’s primary mobile vendor cannot build out RDC fast enough).
  • The upper Midwest currently has the highest penetration of mobile banking apps among financial institutions.

The company also explored the most widely used vendors, finding that the top 10 mobile app vendors hold 81 percent of the market share.

This is the third year that the company has done this research. “To us, it is important to see the traction mobile banking is gaining and the devices customers prefer,” says Robb Gaynor, the company’s chief product offer, “and we are pleased to share this information with the industry at large.”

Malauzai is a provider of mobile and Internet banking apps for community financial institutions.