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Check deposits lead upswing in mobile banking
AUSTIN, Texas (7/17/14)--Credit unions and banks that have been live with mobile check capture for at least 12 months reported a 45% increase in the number of checks processed monthly in the year ending June 2014, according to Malauzai Software, a mobile banking provider.
 
Malauzai's Monkey Insights report highlights key trends in mobile-banking usage  based on data for 180 credit unions and banks covering 3 million logins from 210,000 active mobile users.
 
There has been a 47% rise in the number of consumers depositing checks among Malauzai clients.
 
Year-over-year, mobile banking consumers increased their frequency of usage, Malauzai reported. The average consumer logged in 3.9 times per week in June 2014, a rise of more than 20% from 3.2 times in June 2013. iOS (iPhone and iPad consumers) log in 12% more often than Android users, indicating that usage varies by platform.
 
From July 2013 through June 2014, viewing of account transaction history saw a 4% gain. Internal transfers increased by 8%, and viewing check images also increased by 10%. Consumers are learning to use the advantages of mobile and tablet navigation, as evidenced by the 12% upturn in the use of the finger-swipe feature. 
 
Mobile bill pay jumped 75% in monthly transaction volume, with a 40% spike in the number of consumers paying bills.
 
For credit unions and banks that have offered Picture Pay--through which end-users pay their bills with smart-phone camera images--at least 12 months, transaction volume rose by 34% over the past year. The value of payments processed monthly increased by 44%.
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