Mobile banking is an easy way to manage the money of yours on the go and will continue to grow in popularity. In reality, fifty four % of customers agreed that they normally use digital banking equipment more today, as a result of the pandemic, than they did last year, according to the Digital Banking Attitudes Study by Chase.
“The pandemic has demonstrated that digital banking is essential for buyers 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 plus Gen Z are actually the two groups that are utilizing mobile banking apps the best. The study discovered that 99 % of Gen Z and ninety eight % of millennials apply a mobile banking app for a wide variety of tasks, such as viewing account balances, checking the credit score of theirs and depositing a check. gen X and Boomers use mobile banking apps less (86.5 % and 69.5 %, respectively), although the individuals 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%|
Regardless of the generational differences, mobile banking is not going anywhere: Most financial institutions, including banks and bank card issuers, today provide clients with user-friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for example, is actually designed to Chase Sapphire℠ Checking account holders, as well as Chase Freedom Flex℠ cardholders.
While a mobile banking app is a great advantage, it is not always a one-stop shop to controlling your finances as it might be limited to the accounts you’ve at one bank. In case you’ve multiple accounts from different banks and are interested in a holistic technique to manage the money of yours, consider creating a budget spreadsheet or enrolling in a budgeting app or money app like Mint or you Need a Budget.
In order to create your very own budget technique with similar functionality to an app, following these five steps:
- Calculate your net income
- List monthly expenses
- Label fixed and adjustable expenses
- Determine typical monthly expenses for each expense
- Make adjustments