Mobile banking is an easy way to manage your cash on the go and will continue to grow in popularity. The truth is, fifty four % of people agreed that they often use digital banking tools more today, due to 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 the 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 plus Gen Z are actually the two groups that are making use of mobile banking apps the most. The study found that 99 % of Gen Z as well as 98 % of millennials work with a mobile banking app for a wide range of activities, including viewing account balances, examining the credit score of theirs and depositing a check. gen X and Boomers use mobile banking apps less (86.5 % along with 69.5 %, respectively), however, the ones who do remain 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%|
|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%|
Despite the generational differences, mobile banking is not going anywhere: Most financial institutions, including banks as well as credit card issuers, today offer clients with user friendly mobile apps for their smartphones. The Chase Mobile app, for example, is actually designed to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.
While a mobile banking app is an excellent asset, it is not always a one-stop shop to controlling your finances as it might be limited to the accounts you have at one bank. If you’ve a number of accounts from different banks and would like a holistic method to manage your cash, consider building a budget spreadsheet or signing up for a budgeting app or money app as Mint or else you Need a Budget.
To be able to create the very own spending budget method of yours with comparable functionality to an app, following these 5 steps:
- Calculate your net income
- List monthly expenses
- Label fixed and adjustable expenses
- Determine average month charges for each expense
- Make adjustments