Malauzai Software, a Finastra company, today released the latest edition of Monkey Insights, the quarterly report analyzing Malauzai data on digital banking trends. This installment focuses on money movement, such as Person-to-Person (P2P) payments, Account-to-Account (A2A) payments, and internal transfers, with a specific focus on how consumers choose to send money to friends and family. Among the findings is a 373% rise in picture payments, which allow for the payment of bills by taking a picture of the bill with a mobile device, over a four-year period.
“There is no denying that consumers prize speed and efficiency when it comes to banking transactions,” says Allan Brown, Vice President, Digital Community Markets for Malauzai Software. “Just look at the rise in the number of picture payments since 2015 when monthly totals for July came in at 5,400. Comparing then to now is like looking at a line drawing of Mount Everest—a 373% rise in picture payments over the four-year span—and it’s still going up. This is an interesting statistic since many institutions have seen a decline in traditional bill pay, with users going to biller direct sites.”
The report highlights key trends in Internet and mobile banking usage based on data gathered in September 2019 from more than 400 banks and credit unions, covering over 16.5 million logins from more than one million active internet and mobile banking users.