Mobile banking is an easy way to manage your hard earned money on the go and continues to develop in popularity. In reality, 54 % of customers agreed that they use digital banking equipment more now, on account 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 actually important for customers of all 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 the two groups that are utilizing 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 tasks, such as viewing account balances, checking their credit score and depositing a check. Boomers and gen X use mobile banking apps less (86.5 % and 69.5 %, respectively), though the ones who 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% |
Regardless of the generational differences, mobile banking is not going anywhere: Most financial institutions, including banks and charge card issuers, now provide clients with user friendly mobile apps for their smartphones. The Chase Mobile app, for example, is available to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.
While a mobile banking app is a great asset, it is not always an one stop shop to controlling the finances of yours because it may be confined to the accounts you’ve at one bank. If you have multiple accounts from diverse banks and would like a holistic technique to manage your hard earned dollars, consider building 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 very own spending budget process with similar functionality to an app, following these 5 steps:
- Calculate your net income
- List monthly expenses
- Label fixed and variable expenses
- Determine average monthly charges for each expense
- Make adjustments