Mobile banking is an easy technique to manage the money of yours on the go and will continue to develop in popularity. In fact, 54 % of people agreed that they use digital banking tools more today, due to the pandemic, than they did last year, according to the Digital Banking Attitudes Study by Chase.
“The pandemic has demonstrated that digital banking is important 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 actually the two groups that are utilizing mobile banking apps the best. The study found 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, checking the credit score of theirs and depositing an inspection. gen X and Boomers use mobile banking apps less (86.5 % and 69.5 %, respectively), but the people that 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% |
Regardless of the generational differences, mobile banking is not going anywhere: Most financial institutions, including banks as well as bank card issuers, today provide clients with user friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for instance, is actually designed to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.
While a mobile banking app is a good asset, it’s not necessarily an one stop shop to managing the finances of yours as it might be limited by the accounts you’ve at one bank. In case you’ve numerous accounts from various banks and would like a holistic technique to manage your cash, think about creating a budget spreadsheet or signing up for a budgeting app or money app as Mint or else you Need 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 adjustable expenses
- Determine average month charges for every expense
- Make adjustments