Mobile banking is a handy method to manage your hard earned money on the go and continues to develop in popularity. In fact, 54 % of customers agreed they often use digital banking tools more now, as a result of the pandemic, than they did year which is last, according to the Digital Banking Attitudes Study by Chase.
“The pandemic has demonstrated that digital banking is important for buyers of all 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 and Gen Z are the 2 groups who are utilizing mobile banking apps the best. The study noted that ninety nine % of Gen Z and 98 % of millennials work with a mobile banking app for a wide variety of tasks, such as viewing account balances, examining their credit score and depositing a check. gen X and Boomers use mobile banking apps less (86.5 % as well as 69.5 %, respectively), though the individuals which do continue to be 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 and bank card issuers, now provide customers with user friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for example, is offered to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.
While a mobile banking app is an excellent advantage, it is not necessarily a one-stop shop to controlling your finances since it might be confined to the accounts you’ve at one bank. In case you’ve multiple accounts from various banks and would like a holistic method to handle the money of yours, think about creating a budget spreadsheet or maybe signing up for a budgeting app or money app as Mint or perhaps you Need a Budget.
To be able to create your own spending budget method with similar efficiency 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