Google’s Android platform is growing faster than Apple’s iOS
but iOS is still a friendlier platform for bankers. Simply put: iOS users are
more engaged.
Malauzai, a leading mobile banking software provider,
compared the two platforms. Of the 160 thousand mobile users, 66% use iOS. Of
the iOS users, 72.5% use mobile banking at least once in a 90-day period.
More specifically, look at transfers, bill pay, remote check
capture, or picture pay. The value of money movement for an iOS user is 80%
higher than for Android. Picture pay and bill pay require users to take
pictures of bills to make payments. iOS users use this service at a rate 70%
higher than Android. Also, iOS users are 300% more likely to expedite payments.
This creates a revenue opportunity for banks and credit unions.
According to Malauzai, one conclusion that could be made is
that iOS devices are purchased by older users who can afford the devices. In
turn, those consumers are most likely more profitable consumers to financial
institutions. These customers tend to hold high balances and pay more bills
from their checking accounts.
Apple’s iOS also seems to be safer than Android.
Applications are fully evaluated and examined before customers have access to
them in the iOS App Store. This has prevented widespread malware infection.
Android, on the other hand, has provided the ability to install apps from
third-party sources. Although some are well-known and reputable like Amazon,
others are not. Some have been found to originate from Russia and China malware
hotspots. Developers deconstruct and decompile popular apps and publish
malicious versions.
All and all, customers deserve a safe and user-friendly
experience when they use mobile banking. Apple’s iOS platform not only seems to
provide that, but generates more profit for banks and credit unions.
sources:
Codi Mast
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