Mobile banking is a handy method to handle your hard earned money on the go and continues to grow in popularity. In reality, fifty four % of people agreed they often use digital banking equipment more today, on account of the pandemic, than they did last year, according to 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 2 groups who are utilizing mobile banking apps the best. The study noted that 99 % of Gen Z and 98 % of millennials use a mobile banking app for a wide range of tasks, such as viewing account balances, checking their credit score and depositing an inspection. gen X and Boomers work with mobile banking apps less (86.5 % and 69.5 %, respectively), though the ones that 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% |
| 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% |
Despite the generational differences, mobile banking is not going anywhere: Most financial institutions, including banks as well as credit card issuers, now provide customers with user-friendly mobile apps for their smartphones. The Chase Mobile app, for instance, is designed to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.
While a mobile banking app is a great advantage, it’s not always an one stop shop to managing the finances of yours since it may be limited to the accounts you have at one bank. If you have multiple accounts from various banks and want a holistic technique to manage your money, consider creating a budget spreadsheet or maybe registering for a budgeting app or money app as Mint or else you Need a Budget.
To be able to create your very own 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 typical monthly expenses for each expense
- Make adjustments