New study: More consumers today say they can't manage without digital banking apps
Posted: March 21, 2022 | Word Count: 741
If you've recently started using digital banking tools to help you manage your finances, you’re not alone. A new study found that millennials, Gen X and baby boomers alike all use digital banking more today than they did just one year ago. In the second annual Chase 2021 Digital Banking Attitudes Study, respondents reaffirmed that mobile apps have become their most frequently used banking channel, with consumers using such apps once a week or more (up 8% year-over-year). In fact, 62% of those surveyed said that mobile banking is a service they cannot live without (up 7% year-over-year). The Chase 2021 Digital Banking Attitudes Study is based on a survey fielded between October 14-28, 2021, among 2,000 men and women between the ages of 18-65.
Consumers are paying digitally more than ever before
Whether you're paying back a friend for a meal or paying rent, do you find you're using a digital payment tool more often? Apparently, so is everyone else. A whopping 93% of consumers have used one or more digital payment methods (such as Zelle®) during the past year, which is an increase of 5% year-over-year.
Why have these kinds of payment tools become so popular? Here are the top three reasons cited by consumers:
- They’re convenient (66%)
- Digital payment methods are easy to use (57%)
- Digital payment apps save time (46%)
And according to the study, about one-third of consumers said that they had started using digital payment tools in just the past six months. Overall, 79% said that these options also made it easier for them to track and manage their finances.
Can digital banking tools help you learn how to improve your credit score?
The answer would appear to be yes. Nearly seven out of 10 (69%) survey respondents said they use a service to monitor their credit, such as Chase Credit Journey — which offers free credit and identity monitoring, including alerts to let you know if your data is ever exposed in a data breach or found on the dark web. The best part is that you don’t have to be a Chase customer to take advantage of everything Credit Journey has to offer: weekly credit score updates, personalized insights, round-the-clock support and more.
The use of credit monitoring tools is up 8% from last year’s study. Overall, there was a significant increase in usage of credit monitoring services across all generations, although millennials use them at a higher rate than most other groups.
More than three out of four (76%) respondents said they use credit services to check their credit scores. Forty-four percent of Gen Z respondents cited using credit monitoring services as an educational tool to learn how to improve their credit scores.
Digital banking features can even help you book travel
Consumers today are using digital banking features to do more than just check their balances or pay their bills. Capabilities like booking travel, are becoming increasingly popular. Just 13% of the survey respondents said they have used their bank’s website or mobile app to book travel, yet nearly three in four (74%) respondents who used this service said they are highly likely to do so again. Not only that, but about one-third (34%) of those who had not used this feature yet said they would be willing to try booking travel through their banking website or app the next time they plan a trip.
Consumers are also using their banking app to take advantage of savings offers at their favorite retailers. Eighteen percent of respondents have previously added offers to their credit card through their bank and are likely to do so again. Furthermore, 45% who haven’t tried offers yet are planning to in the near future.
Many of the increasing number of people who use digital banking apps are finding more ways to improve their finances and take care of tasks, from making payments and monitoring their credit scores to booking their next vacations.
“This year, digital banking played an even bigger role in how consumers manage and track their finances on a daily basis,” said Rohan Amin, chief product officer at Chase. “This new research highlights how consumer preferences are driving both the creation and adoption of new features that help consumers get more value out of their bank account or credit card.”
Want to learn more about digital banking tools and how they can help you manage your finances? Visit Chase.com/mobile.