SYS-CON MEDIA Authors: Xenia von Wedel, Peter Silva, Glenn Rossman, Ava Smith, Elizabeth White

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Malauzai Software Usage Data Shows Increased Consumer Demand for Mobile Card Management Tools

Malauzai Software, a provider of mobile banking SmartApps for community financial institutions, reports a 450 percent increase in the use of the company’s debit card management features from November 2013 to April 2014. The report highlights the growing demand among consumers for advanced mobile banking security features resulting from the recent high-profile data breaches.

Click to Tweet: @MalauzaiMonkeys data shows high demand for card management features in #mobilebanking #SmartApps bit.ly/1k0MAjo

Malauzai introduced Debit Card Management in 2012 as an additional feature to the company’s SmartApps. The suite of capabilities includes the ability to activate or de-activate a debit card with the swipe of a finger; change ATM and Point of Sale (POS) transaction limits; and adjust international access settings. Along with reporting increased use of the entire card management suite, Malauzai notes that specific use of Debit Card On/Off increased by 850 percent between November 2013 and April 2014, with the most dramatic jump seen in March and April of this year. New users of the feature also increased between November 2013 and April 2014 as the number of active mobile banking users employing the card on/off switch increased by 40 percent during this time.

Currently, 80 of the more than 250 community banks and credit unions leveraging Malauzai’s SmartApps offer this advanced security feature. “The increase in card management use since the Target breach is staggering,” said Robb Gaynor, chief product officer for Malauzai. “Even though the breach happened in late 2013, we continue to see increased use of Debit Card On/Off and other card management features each month as end users take control of their own data security right from their smartphone. Frankly, we’re surprised that this feature is not available to more financial institutions through their mobile vendors. Payment security is a major concern for FIs and consumers and we feel the vendor community needs to pick up the pace in developing solutions to address that concern.”

Malauzai also reports that consumers requested increases to ATM and POS limits via their mobile device 900 percent more often between November 2013 and April 2014; showing that as end users more aggressively use Debit Card On/Off for fraud protection they are also taking advantage of the other card management features.

Gaynor continued, “Credit unions and banks deploying card management are not only helping consumers fight fraud, but are adding a huge cost savings by turning card management into a self-service application within mobile banking. These community financial institutions are reducing calls to the call center and visits to the branch related to simple tasks like transaction limit increases by moving these services to a more cost-effective channel.”

Malauzai will provide more card management usage data and information during a webinar on June 19, 2014. Click here to register. To view the full Monkey Insights Debit Card Management usage report, please visit: http://malauzai.com/wp/wp-content/uploads/2012/12/Monkey-Insights-May-2014.pdf.

About Malauzai Software

Malauzai was incorporated in 2009 in response to the growing demand in the mobile channel marketplace. As a leading-edge company in a cool town, with a focus primarily on community financial institutions, Malauzai looks to provide mobile solutions that will enhance the customer experience ultimately resulting in increased value. For more information, visit www.malauzai.com.

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