Mobile apps have become the most frequently used banking channel, with 62% of respondents citing that they can’t live without their banking app
One year after its first digital banking attitudes study, Chase released the findings of its second study, which further explores the attitudes of consumers to using banking websites and apps.
“Chase’s Product, Design, Data and Technology teams are driving innovation at scale, creating digital experiences that help millions of consumers to manage more aspects of their financial lives from their mobile device”
“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.”
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Digital banking continues to gain momentum year-over-year
Respondents reaffirmed that mobile apps have become their most frequently used banking channel, with 73% of consumers citing usage once a week or more (up 8% YOY), and 62% citing it’s a service they cannot live without (up 7% YOY).
- Millennials, Gen X and Baby Boomers all said they use digital banking to manage finances more today than they did a year ago.
Consumers are paying digitally more than ever before, which will likely continue
Ninety-three percent of consumers have used one or more digital payment methods, such as Zelle, in the past year (up 5% YOY).
- Consumers’ top reasons for using digital payment methods were the same across all generations:
- Convenient (66%)
- Easy (57%)
- Saves time (46%)
- Approximately one in three consumers said they started using digital payment tools in the past six months.
- Seventy-nine percent of respondents said digital payment options make it easier to track and manage finances as well.
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Gen Z uses credit monitoring services as learning tools
Sixty-nine percent of respondents said they use a service to monitor their credit, such as Chase Credit Journey, which is an 8% increase from last year’s study. There was a significant increase in usage across generations, with millennials using them at a higher rate than most.
- Seventy-six percent of respondents said they use credit services to check their credit scores.
- Forty-four percent of Gen Z respondents cited they are using credit monitoring services to learn how to improve credit scores.
Consumers increasingly use digital banking features to book travel
Consumers are using digital features to do more than check their balances or pay bills.
- Thirteen percent of respondents said they have used their bank’s website or mobile app to book travel, yet when asked, 34% of those who had not used this feature said they would be willing to try booking with their bank next time.
- Seventy-four percent of respondents who said they’ve booked travel with their bank are highly likely to do so again.
- Just 18% of respondents cited that they’ve added offers to their credit cards through their bank online, but those who have are likely to repeat. If they haven’t tried it yet, 45% say they are likely to add offers in the near future.
“Chase’s Product, Design, Data and Technology teams are driving innovation at scale, creating digital experiences that help millions of consumers to manage more aspects of their financial lives from their mobile device,” Amin added.
This study is based on a survey fielded between October 14 and 28 among 2,000 men and women, between the ages of 18-65.
As of Q3 2021, Chase has over 44 million mobile active (+10% YoY) and nearly 58 million digitally active users (+6% YoY).
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