Malauzai Rounds Out 2016 Reporting Record Growth
Malauzai Software, a provider of mobile and Internet banking SmartApps® for community financial institutions, closed out 2016 with continued customer growth and notable first-in-industry product launches garnering the company industry recognition including being named one of American Banker and BAI’s “FinTech Forward Company to Watch” for innovations introduced.
“2016 was a monumental year for digital banking,” said Tom Shen, CEO of Malauzai. “Building on this momentum, our team introduced multiple robust applications across Mobile and Internet Banking with first-in-industry functionality and features. We are helping community financial institutions better engage customers/members and deliver an exceptional end-user experience all delivered through a single platform.”
Launched during FinovateSpring 2016, Malauzai’s small business offering, MOX™ Pay is one notable example of its first-to-market launches, enabling community banks and credit unions to publish apps for small business customers. The company achieved another industry-first when it expanded its MOX Pay service, adding remote deposit capture (RDC) as a payment method, allowing consumers to pay small businesses by simply taking a picture of a check.
At year end, Malauzai had expanded its customer base to include more than 425 community financial institutions, using its Internet and Mobile solutions to serve over a million consumers and businesses. Malauzai’s SmartApps surpassed 1.2 million downloads in 2016, and the company now supports more than 200 points of integration, including over 40 core banking providers and dozens of payment processors. Additionally, the monthly login average exceeded 10 million, driven by 650,000 active end-users.
The company attributes last years’ rapid growth to financial institutions’ ever-expanding desire to provide consumers and businesses the same mobile app and infrastructure, from mobile to Internet, on a single technology platform which leads to cost savings for the institution and creates a consistent look for all users and across devices.
“2016 was the year of the re-emergence of the digital banking platform,” said Robb Gaynor, chief product officer for Malauzai. “We’ve never taken the one-size-fits-all approach and now we can serve consumers and businesses from a single infrastructure. Customizing each app, placing a huge emphasis on the design to ensure it represents the unique culture and branding of each individual institution is something we offer that is distinct and in turn, gives our customers a competitive advantage in an increasingly crowded digital banking market.”
Additionally, 2016 marked rapid corporate growth for Malauzai as well, topping out the year with more than 105 employees. The company dramatically expanded its physical footprint in Austin moving in to a new headquarters location in central part of the city. The location was purpose-built to reflect the culture of the company as a pioneer in digital banking design and at a practical level enables high level execution with an emphasis on how to best engage customers face to face and how to collaborate with colleagues and co-workers.