Mobile banking is an easy way to manage the money of yours on the go and continues to raise in popularity. In fact, 54 % of customers agreed that they use digital banking tools more now, due to the pandemic, than they did year which is last, based on 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 to the press release.
It comes as no surprise that millennials plus Gen Z are actually the two groups that are using mobile banking apps the best. The study discovered that 99 % of Gen Z as well as 98 % of millennials use a mobile banking app for a wide variety of activities, including viewing account balances, examining their credit score and depositing a search. gen X and Boomers work with mobile banking apps less (86.5 % as well as 69.5 %, respectively), however, 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% |
| 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 is not going anywhere: Most financial institutions, including banks and charge card issuers, today offer customers with user friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for example, is actually available to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.
While a mobile banking app is a good asset, it is not always an one stop shop to managing the finances of yours since it might be confined to the accounts you’ve at one bank. If you have a number of accounts from different banks and are interested in a holistic way to manage the money of yours, consider creating a budget spreadsheet or perhaps registering for a budgeting app or money app like Mint or you Want a Budget.
In order to create the own budget method of yours with comparable efficiency to an app, following these 5 steps:
- Calculate your net income
- List monthly expenses
- Label fixed and adjustable expenses
- Determine average monthly expenses for every expense
- Make adjustments