Mobile banking is a convenient method to manage your hard earned money on the go and continues to grow in popularity. In reality, 54 % of people agreed that they use digital banking tools more today, as a result of the pandemic, than they did last year, in accordance with the Digital Banking Attitudes Study by Chase.
“The pandemic has demonstrated that digital banking is actually crucial for buyers 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 the 2 groups who are making use of mobile banking apps the most. The study found that 99 % of Gen Z as well as ninety eight % of millennials apply a mobile banking app for a wide range of activities, such as viewing account balances, examining their credit score and depositing an inspection. gen X and Boomers work with mobile banking apps less (86.5 % as well as 69.5 %, respectively), however, the ones 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% |
Inspite of the generational differences, mobile banking isn’t going anywhere: Most financial institutions, including banks and charge card issuers, now provide customers with user-friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for example, is offered to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.
While a mobile banking app is a great advantage, it is not necessarily a one-stop shop to managing the finances of yours as it might be confined to the accounts you have at one bank. In case you have multiple accounts from different banks and are interested in a holistic way to manage your money, think about setting up a budget spreadsheet or registering for a budgeting app or money app like Mint or else you Need a Budget.
To be able to create the very own budget technique 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 monthly expenses for every expense
- Make adjustments