Mobile banking is a handy way to handle the money of yours on the go and continues to grow in popularity. In fact, 54 % of customers agreed they use digital banking equipment more now, due to the pandemic, than they did last year, based on the Digital Banking Attitudes Study by Chase.
“The pandemic has demonstrated that digital banking is crucial for consumers 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 and Gen Z are actually the two groups who are making use of mobile banking apps the best. The study noted that 99 % of Gen Z and ninety eight % of millennials use a mobile banking app for a wide variety of projects, including viewing account balances, examining the credit score of theirs and depositing an inspection. gen X and Boomers work with mobile banking apps less (86.5 % and 69.5 %, respectively), though the individuals 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%|
|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 isn’t going anywhere: Most financial institutions, including banks and credit card issuers, now provide clients with user friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for example, is actually available to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.
While a mobile banking app is a great advantage, it is not necessarily a one-stop shop to controlling your finances since it might be limited by the accounts you have at one bank. If you’ve numerous accounts from various banks and would like a holistic way to handle your money, consider building a budget spreadsheet or signing up for a budgeting app or money app like Mint or else you Need a Budget.
To be able to create the very own spending budget process of yours with similar efficiency to an app, following these five steps:
- Calculate your net income
- List monthly expenses
- Label fixed and variable expenses
- Determine typical month charges for every expense
- Make adjustments