[August 22, 2017] |
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Malauzai's Monkey Insights Analyzes P2P Payments
Malauzai
Software, a provider of mobile and Internet banking SmartApps™ for
community financial institutions, released its August Monkey Insights
that looked at person-to-person (P2P) Payments usage within community
banks and credit unions. July 2017 data from 435+ banks and credit
unions, covering 13.9 million logins and 805,000 active Internet and
Mobile Banking users, was analyzed. A survey of more than 400 consumers
was also completed to further examine Venmo usage and this data was
combined with the P2P usage data.
Key findings include:
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Bank P2P is about 3% with active virtual bank users, and the average
transfer is $450; it happens approximately twice a month;
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Venmo transfers average $25 whereas banks are about $450;
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More than 50% of Venmo users leave the money at Venmo to pay other
Venmo users;
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Most Venmo Users are between 20 - 30 years old; and
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10% Growth in Bank P2P - 771 institutions offer P2P in some form or
another in their Mobile Banking app or on their Internet Banking site.
Each month, Malauzai Chief Product Officer Robb Gaynor assesses the
company's data to determine the trends that financial institutions would
find beneficial. "P2P continues to grow at an incredibly rapid rate; we
don't expect this to change anytime soon. I was not surprised that Venmo
was the hands-down number one P2P application as it offers users much
more than just a tool to complete a transaction, but rather a community
where users can interact with and engage other users.
"A majority of banks are now offering similar P2P functionality in some
fashion, but usage continues to lag behind third party providers like
Venmo. I anticipate this will shift as banks start to roll out faster,
real-time solutions like Zelle. It is interesting that financial
institutions' P2P applications have a higher dollar value associated
with each transaction. This speaks to the generational usage of Venmo
and just how easy it has become to transfer money to a friends' account
who may have bought your dinner. "
Read the full Monkey Insights here.
About Malauzai Software
Malauzai was incorporated in 2009 in response to the growing demand for
a technology company that could provide innovative mobile solutions for
community financial organizations. As a cool company in a cool town with
a focus primarily on community financial institutions, Malauzai provides
Consumer, Small Business, Business, Employee SmartApps, SmartwebApps and
SmartwearApps that enhance the customer experience for mobile and
Internet banking, ultimately resulting in increased value for financial
institutions.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170822006053/en/
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