Mobile banking is a convenient technique to handle the money of yours on the go and continues to grow in popularity. In fact, 54 % of consumers agreed they normally use digital banking tools more now, as a result of the pandemic, than they did year that is last, based on the Digital Banking Attitudes Study by Chase.
“The pandemic has demonstrated that digital banking is essential for buyers of all the ages to confidently deal with 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 2 groups that are utilizing mobile banking apps the best. The study noted that 99 % of Gen Z and 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. gen X and Boomers work with mobile banking apps less (86.5 % along with 69.5 %, respectively), although 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% |
Regardless of the generational differences, mobile banking is not going anywhere: Most financial institutions, including banks and bank card issuers, now offer customers with user-friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for instance, is designed to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.
While a mobile banking app is a good advantage, it’s not necessarily an one stop shop to managing your finances as it might be limited by the accounts you’ve at one bank. If you’ve a number of accounts from different banks and want a holistic technique to manage the money of yours, consider building a budget spreadsheet or signing up for a budgeting app or money app like Mint or perhaps you Want a Budget.
To be able to create the very own spending budget technique of yours with comparable functionality to an app, following these 5 steps:
- Calculate your net income
- List monthly expenses
- Label fixed and variable expenses
- Determine typical monthly charges for every expense
- Make adjustments