Mobile banking is a handy technique to manage the money of yours on the go and will continue to raise in popularity. The truth is, 54 % of consumers agreed they often use digital banking tools more now, as a result of the pandemic, than they did year which is last, in accordance with the Digital Banking Attitudes Study by Chase.
“The pandemic has demonstrated that digital banking is actually crucial for consumers 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 2 groups who are making use of mobile banking apps the best. The study noted that 99 % of Gen Z and 98 % of millennials apply a mobile banking app for a broad range of activities, such as viewing account balances, checking the credit score of theirs and depositing a search. Boomers and gen X work with mobile banking apps less (86.5 % along with 69.5 %, respectively), however, the people who 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 isn’t going anywhere: Most financial institutions, including banks and bank card issuers, now offer clients with user friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for example, is available to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.
While a mobile banking app is a good asset, it’s not necessarily a one-stop shop to controlling your finances as it might possibly be limited by the accounts you have at one bank. In case you’ve multiple accounts from different banks and would like a holistic technique to handle the money of yours, think about creating a budget spreadsheet or maybe registering for a budgeting app or money app like Mint or else you Need a Budget.
To be able to create your own spending budget process 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 costs for each expense
- Make adjustments