Mobile banking is an easy method to manage your money on the go and continues to grow in popularity. The truth is, fifty four % of consumers agreed they often use digital banking equipment more today, due to the pandemic, than they did last year, according to the Digital Banking Attitudes Study by Chase.
“The pandemic has demonstrated that digital banking is actually essential for buyers 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 and Gen Z are the two 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 use a mobile banking app for a broad range of activities, including viewing account balances, examining their credit score and depositing a check. gen X and Boomers use mobile banking apps less (86.5 % and 69.5 %, respectively), but the individuals that do remain 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% |
| 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 bank card issuers, today provide clients with user friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for example, is offered to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.
While a mobile banking app is a great asset, it’s not always a one-stop shop to controlling your finances because it may be confined to the accounts you’ve at one bank. If you’ve numerous accounts from diverse banks and are interested in a holistic method to manage your cash, think about setting up a budget spreadsheet or perhaps enrolling in a budgeting app or money app as Mint or you Need a Budget.
In order to create the own budget method of yours with similar efficiency to an app, following these five steps:
- Calculate your net income
- List monthly expenses
- Label fixed and adjustable expenses
- Determine typical monthly expenses for every expense
- Make adjustments