Mobile banking is a handy way to manage your hard earned money on the go and continues to develop in popularity. In fact, fifty four % of customers agreed they often use digital banking equipment more now, as a result of the pandemic, than they did last year, based on the Digital Banking Attitudes Study by Chase.
“The pandemic has demonstrated that digital banking is essential 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 the 2 groups who are making use of mobile banking apps the most. The study found that 99 % of Gen Z and ninety eight % of millennials work with a mobile banking app for a wide variety of activities, such as viewing account balances, checking the credit score of theirs and depositing a search. gen X and Boomers work with mobile banking apps less (86.5 % and 69.5 %, respectively), however, the individuals who do remain in the vast 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% |
| Deposit checks | 59.5% | 58% | 66% | 54% | 53.5% |
| Pay bills | 49% | 45.5% | 53% | 50% | 40.5% |
| 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% |
Regardless of the generational differences, mobile banking isn’t going anywhere: Most financial institutions, including banks and charge card issuers, today offer customers with user-friendly mobile apps for their smartphones. The Chase Mobile app, for instance, is actually designed to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.
While a mobile banking app is an excellent asset, it’s not always a one-stop shop to managing the finances of yours since it might be limited to the accounts you’ve at one bank. In case you’ve multiple accounts from different banks and are interested in a holistic technique to handle your cash, think about creating a budget spreadsheet or perhaps enrolling in a budgeting app or money app as Mint or perhaps you Need a Budget.
To be able to create your very own spending budget process with comparable functionality to an app, following these 5 steps:
- Calculate your net income
- List monthly expenses
- Label fixed and adjustable expenses
- Determine typical month expenses for each expense
- Make adjustments