Mobile banking is a handy method to manage the money of yours on the go and will continue to raise in popularity. The truth is, 54 % of people agreed they normally 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 consumers of all ages to confidently deal with 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 that are using mobile banking apps the best. The study noted that 99 % of Gen Z and 98 % of millennials work with a mobile banking app for a wide variety of projects, including viewing account balances, examining their credit score and depositing a check. Boomers and gen X work with 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 isn’t going anywhere: Most financial institutions, including banks as well as bank card issuers, now provide clients with user-friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for instance, is offered to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.
While a mobile banking app is a good advantage, it is not necessarily an one stop shop to managing the finances of yours because it may be limited by the accounts you’ve at one bank. If you have numerous accounts from various banks and are interested in a holistic method to handle your hard earned money, consider creating a budget spreadsheet or enrolling in a budgeting app or money app as Mint or else you Want a Budget.
To be able to create your very own budget process with comparable efficiency to an app, following these 5 steps:
- Calculate your net income
- List monthly expenses
- Label fixed and variable expenses
- Determine average month expenses for every expense
- Make adjustments