A recent report by Malauzai Software showed that new app growth rate among banks and credit unions has slowed down by 8% this year. This slow down is an indication that the market is saturated, according to the report. Nevertheless, this year had the highest number of mobile banking apps.
The survey, which was conducted across 7,686 financial institutions across the U.S., showed that when it comes app builders, the market is fragmented with more than 60 suppliers building apps for financial institutions.
Robb Gaynor, chief product office for Malauzai said in the report release:
Our findings this year were a little surprising. The market is saturated, everybody has an app. Most financial institutions with $100 million in assets or less have no mobile banking app.… And what surprised me the most was that finally banks and credit unions are launching debit card controls inside mobile banking. It is now being used as a feature to differentiate their offerings from other financial institutions. Product differentiation is key; delivering an array of unique features, design excellence and an incredible user experience.
Read the full report here.1 - Reader Likes This Post