Mobile banking is a convenient method to manage your money on the go and continues to grow in popularity. In fact, fifty four % of customers agreed that they often use digital banking tools more now, as a result 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 essential for consumers of all the ages to confidently manage their finances,” Allison Beer, Head of Digital at Chase, said in the press release.
It comes as no surprise that millennials and Gen Z are actually the two groups that are utilizing mobile banking apps the most. The study discovered that 99 % of Gen Z as well as 98 % of millennials use a mobile banking app for a broad range of activities, such as viewing account balances, checking their credit score and depositing an inspection. gen X and Boomers use mobile banking apps less (86.5 % as well as 69.5 %, respectively), though the individuals that do are still 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 will not be going anywhere: Most financial institutions, including banks and credit card issuers, today offer clients with user friendly mobile apps for their smartphones. The Chase Mobile app, for instance, is offered to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.
While a mobile banking app is an excellent advantage, it is not always a one-stop shop to managing your finances because it may be confined to the accounts you have at one bank. If you have numerous accounts from different banks and want a holistic method to handle your money, consider setting up a budget spreadsheet or registering for a budgeting app or money app as Mint or else you Want a Budget.
To be able to create your very own spending budget process with comparable efficiency to an app, following these 5 steps:
- Calculate your net income
- List monthly expenses
- Label fixed and variable expenses
- Determine average monthly expenses for each expense
- Make adjustments