Payment technology

Study: iPad users have more mobile banking value than smartphone customers

Ipad MoneyMalauzi Software released its “little-data” Monkey Insights report on mobile banking earlier this month, which found iPad users generally have more money than smartphone users, with mobile banking transfers accounting for an average annual value of $691.

According to the study, which was based on data from more than 130 credit unions and banks, iPad users moved funds worth 85 percent more in value than smartphone users.

“There is no clear explanation for this other than iPad users have more money, spend more to purchase their mobile device (iPad starting price is $375 vs. free for Smartphones) and trust the mobile channel for sending larger amounts,” the study results read.

Additionally, the study showed that banks and credit unions processed 25 percent more mobile check deposits in December than in November.

“There is always a monthly increase as check capture is on the upswing, with normal growth closer to four percent to five percent per month,” the study said. “Clearly grandma and grandpa were sending checks to their kids and grandkids for the holidays. In January, we have returned to the regular processing growth rates.”

The study also showed the slowest day for mobile banking was on Christmas Day, which posted 60 percent less mobile banking traffic than any other day during the month. The second busiest day of the month, however, was Dec. 26.

Data from the study showed the top mobile banking features for 2013 were reviewing check balance, reviewing transaction history and transferring funds internally, with check deposit and debit card management ranking as the fourth and fifth most popular services, respectively.

“It is great to see an electronic payment feature such as debit card management rise up in the rankings,” the study said. “This is proof-positive that financial institutions can play a strong role in the e-wallet space.”

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