Mobile banking is an easy method to manage your cash on the go and will continue to raise in popularity. In reality, 54 % of consumers agreed they normally use digital banking tools more today, as a result of the pandemic, than they did last year, in accordance with the Digital Banking Attitudes Study by Chase.
“The pandemic has demonstrated that digital banking is essential for consumers of all the ages to confidently manage 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 the two groups who are making use of mobile banking apps the most. The study found that ninety nine % of Gen Z as well as 98 % of millennials apply a mobile banking app for a wide range of tasks, such as viewing account balances, examining their credit score and depositing an inspection. gen X and Boomers use mobile banking apps less (86.5 % as well as 69.5 %, respectively), though the people which 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% |
Inspite of the generational differences, mobile banking is not going anywhere: Most financial institutions, including banks and bank card issuers, today offer clients with user friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for example, is designed to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.
While a mobile banking app is a good advantage, it’s not necessarily an one stop shop to managing your finances because it might possibly be confined to the accounts you have at one bank. In case you’ve a number of accounts from diverse banks and are interested in a holistic method to handle your hard earned dollars, think about building a budget spreadsheet or registering for a budgeting app or money app like Mint or else you Need a Budget.
In order to create your own budget method with comparable functionality to an app, following these five steps:
- Calculate your net income
- List monthly expenses
- Label fixed and adjustable expenses
- Determine average month costs for each expense
- Make adjustments