Mobile banking is an easy technique to manage the money of yours on the go and continues to raise in popularity. In fact, 54 % of customers agreed they normally use digital banking tools more today, due to the pandemic, than they did year that is last, based on the Digital Banking Attitudes Study by Chase.
“The pandemic has demonstrated that digital banking is actually crucial for consumers of all the 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 plus Gen Z are the 2 groups who are using mobile banking apps the best. The study found that 99 % of Gen Z and ninety eight % of millennials use a mobile banking app for a wide variety of tasks, such as viewing account balances, checking their credit score and depositing a search. Boomers and gen X work with mobile banking apps less (86.5 % and 69.5 %, respectively), although the people which do continue to be in the 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 charge card issuers, now offer customers with user-friendly mobile apps for their smartphones. 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’s not necessarily an one stop shop to managing the finances of yours as it might be confined to the accounts you’ve at one bank. If you have multiple accounts from diverse banks and would like a holistic way to manage your hard earned dollars, think about building a budget spreadsheet or perhaps registering for a budgeting app or money app like Mint or else you Want a Budget.
To be able to create your own spending 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 month expenses for every expense
- Make adjustments