Mobile banking is a convenient way to handle the money of yours on the go and continues to raise in popularity. In fact, 54 % of customers agreed they normally use digital banking tools more now, on account of the pandemic, than they did year which is last, according to the Digital Banking Attitudes Study by Chase.
“The pandemic has demonstrated that digital banking is important for buyers of all the ages to confidently deal with their finances,” Allison Beer, Head of Digital at Chase, said to the press release.
It comes as no surprise that millennials and Gen Z are the 2 groups that are using mobile banking apps the most. The study noted that 99 % of Gen Z and 98 % of millennials work with a mobile banking app for a wide variety of tasks, such as viewing account balances, checking their credit score and depositing a check. Boomers and gen X work with mobile banking apps less (86.5 % and 69.5 %, respectively), although the individuals who do are still in the majority.
Consumers mobile banking app activities, by generation
|Generation||Total||Gen Z||Millennials||Gen X||Boomers|
|View account balances||86.5%||86%||89.5%||86.5%||78%|
|View account statements||68%||62%||73.5%||67%||61.5%|
|Transfer money between bank accounts||64%||65.5%||71.5%||60.5%||50%|
|Check credit score||32%||28.5%||56.5%||30%||20%|
|Use peer-to-peer payments||24%||20%||31%||21.5%||14.5%|
|Use online chat to ask a question||16.5%||18%||27.5%||13%||12.5%|
|Create and track a budget||13.5%||25%||17.5%||9%||4%|
|View a forecast of monthly spending||13%||17%||18%||9.5%||4.5%|
|Create a savings goal and track progress||12%||21.5%||18%||5.5%||2%|
|Open a new bank account||9.5%||11.5%||12%||7%||5.5%|
Inspite of the generational differences, mobile banking is not going anywhere: Most financial institutions, including banks and credit card issuers, today offer customers with user-friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for instance, is available to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.
While a mobile banking app is an excellent asset, it is not always a one-stop shop to controlling the finances of yours since it may be limited by the accounts you have at one bank. If you have a number of accounts from diverse banks and are interested in a holistic technique to manage your hard earned dollars, think about building a budget spreadsheet or enrolling in a budgeting app or money app like Mint or perhaps you Want a Budget.
To be able to create the very own budget process of yours with similar efficiency to an app, following these 5 steps:
- Calculate your net income
- List monthly expenses
- Label fixed and variable expenses
- Determine typical month charges for each expense
- Make adjustments