Mobile banking is a convenient way to manage the money of yours on the go and will continue to grow in popularity. The truth is, fifty four % of consumers agreed they use digital banking tools more today, due to the pandemic, than they did last year, based on the Digital Banking Attitudes Study by Chase.
“The pandemic has demonstrated that digital banking is crucial for consumers of all the ages to confidently manage their finances,” Allison Beer, Head of Digital at Chase, said to the press release.
It comes as no surprise that millennials plus Gen Z are actually the 2 groups who are utilizing mobile banking apps the most. The study noted that 99 % of Gen Z as well as 98 % of millennials use a mobile banking app for a wide range of tasks, including viewing account balances, checking their credit score and depositing an inspection. Boomers and gen X use mobile banking apps less (86.5 % and 69.5 %, respectively), however, the people that do remain 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%|
Despite the generational differences, mobile banking isn’t going anywhere: Most financial institutions, including banks and credit card issuers, now provide clients with user friendly mobile apps for their smartphones. The Chase Mobile app, for example, is actually available to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.
While a mobile banking app is a good asset, it’s not always an one stop shop to controlling your finances as it may be limited to the accounts you’ve at one bank. In case you have a number of accounts from different banks and want a holistic method to manage your hard earned dollars, consider setting up a budget spreadsheet or enrolling in a budgeting app or money app as Mint or perhaps you Want a Budget.
To be able to create the own spending 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 average month charges for each expense
- Make adjustments