Mobile banking is a handy method to manage the money of yours on the go and will continue to raise in popularity. In fact, fifty four % of people agreed they use digital banking tools more now, 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 actually essential for consumers of all 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 plus Gen Z are actually the 2 groups that are using mobile banking apps the most. The study noted that ninety nine % of Gen Z as well as 98 % of millennials work with a mobile banking app for a wide variety of tasks, including viewing account balances, examining their credit score and depositing a check. Boomers and gen X use mobile banking apps less (86.5 % and 69.5 %, respectively), although the individuals that do continue to be 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%|
Inspite of the generational differences, mobile banking isn’t going anywhere: Most financial institutions, including banks as well as charge card issuers, now offer clients with user-friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for example, is actually offered to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.
While a mobile banking app is an excellent asset, it is not necessarily an one stop shop to controlling the finances of yours as it may be limited by the accounts you’ve at one bank. If you’ve a number of accounts from various banks and would like a holistic method to manage your hard earned dollars, consider building a budget spreadsheet or maybe enrolling in a budgeting app or money app like Mint or perhaps you Need a Budget.
In order to create the own spending budget process of yours with similar functionality to an app, following these 5 steps:
- Calculate your net income
- List monthly expenses
- Label fixed and variable expenses
- Determine average month expenses for every expense
- Make adjustments