Mobile Banking is on rise - IBS IntelligenceMobile banking is on the rise, becoming so popular that many clients decide to exclusively deal with banking tasks through their phone, according to the June Monkey Insights report released by Malauzai Software.

This finds that an average of 25% of banking customers are “mobile-only”. The report also states that “best in class” FIs have an almost equal split with 44% of their customers considered “mobile only.”

Compared to the internet-only average percentage, which is 45%, mobile-only is still lagging, but rapidly catching up. It is expected to grow since mobile functionalities are now considered equal to internet banking.

The latter still holds a greater grip than other banking channels. The report states that on average, 75% of users are still using computer channels. 65% of FI’s tracked still have over 85% of their digital banking active users still using internet banking. This indicates that mobile may be under developed, or potentially under marketed by many banks.

While most customers are still varying mobile services with internet banking (and even some in-branch visits), about 54% of active digital users are now using a form of mobile banking, according to the report.

by Henry Vilar
Henry is Junior Reporter at IBS Intelligence, follow him on Twitter or contact him at: