Mobile banking is a handy way to handle the money of yours on the go and will continue to grow in popularity. In fact, 54 % of consumers agreed they use digital banking tools more today, as a result of the pandemic, than they did year which is last, based on the Digital Banking Attitudes Study by Chase.
“The pandemic has demonstrated that digital banking is actually important for customers of all ages to confidently manage their finances,” Allison Beer, Head of Digital at Chase, said in the press release.
It comes as no surprise that millennials and Gen Z are actually the 2 groups that are using mobile banking apps the best. The study found that ninety nine % of Gen Z as well as ninety eight % of millennials work with a mobile banking app for a wide range of tasks, such as viewing account balances, checking the credit score of theirs and depositing an inspection. Boomers and gen X use mobile banking apps less (86.5 % as well as 69.5 %, respectively), but the people who 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%|
|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 as well as credit card issuers, today offer clients with user friendly mobile apps for their smartphones. The Chase Mobile app, for instance, is actually available to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.
While a mobile banking app is an excellent advantage, it’s not necessarily an one stop shop to controlling the finances of yours because it may be limited to the accounts you have at one bank. If you’ve multiple accounts from diverse banks and would like a holistic technique to handle your cash, think about setting up a budget spreadsheet or signing up for a budgeting app or money app as Mint or you Want a Budget.
In order to create the own budget process of yours with comparable functionality to an app, following these 5 steps:
- Calculate your net income
- List monthly expenses
- Label fixed and variable expenses
- Determine average month costs for each expense
- Make adjustments