Mobile banking is a handy technique to handle the money of yours on the go and continues to grow in popularity. The truth is, 54 % of consumers agreed that they use digital banking tools more now, due to 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 actually crucial for buyers 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 2 groups that are using mobile banking apps the best. The study noted that 99 % of Gen Z as well as 98 % of millennials work with a mobile banking app for a broad range of projects, such as viewing account balances, checking the credit score of theirs and depositing an inspection. Boomers and gen X work with mobile banking apps less (86.5 % along with 69.5 %, respectively), although 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% |
| 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 charge card issuers, today provide customers with user friendly mobile apps for their smartphones. The Chase Mobile app, for instance, is actually designed to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.
While a mobile banking app is a good asset, it is not always an one stop shop to managing your finances since it may be limited to the accounts you’ve at one bank. In case you have numerous accounts from various banks and are interested in a holistic way to handle your cash, think about setting up a budget spreadsheet or maybe enrolling in a budgeting app or money app like Mint or you Want a Budget.
In order to create the own spending budget method of yours with comparable functionality to an app, following these five steps:
- Calculate your net income
- List monthly expenses
- Label fixed and variable expenses
- Determine average monthly charges for every expense
- Make adjustments