Pandemic accelerates digital banking adoption across age groups; real-time payments and automated savings tools on track for greater adoption in 2021
Chase released the findings of its national Digital Banking Attitudes Study—a survey of 1,500 consumers on their use and preferences with banking digitally. Consumers of all ages said that these tools save time and are a safe and easy way to manage their finances from anywhere.
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“The pandemic has demonstrated that digital banking is essential for consumers of all ages to confidently manage their finances,” said Allison Beer, Head of Digital at Chase. “This new research reaffirms our commitment to creating features that make it easier and faster for customers to bank digitally with Chase.”
Digital Banking Tools are Integral to Everyday Life
Fraud alerts, electronic bill payments and mobile deposits are the most important digital banking features according to surveyed customers. But consumers reach for different devices based on the task at hand:
- Smartphones are preferred for on-the-go banking needs, like checking account balances. Half of Chase customers surveyed specifically named the Chase Mobile app as a “must have.”
- Consumers find it easier to complete tasks that require more concentration, like paying bills, when they are stationary at a desktop or laptop.
The Pandemic’s Impact on Banking
COVID-19 required many to bank online rather than in-person:
- 54 percent of consumers agreed that they use digital banking tools more due to the pandemic today than they did last year.
- Based on these trends, consumers are expected to continue using digital banking tools more frequently in 2021.
Digital Payments Gain Favor Over Cash
Peer-to-peer (P2P) payments, like Chase QuickPay® with Zelle®1, are increasingly being used to send money or to split the cost of bills. People appreciate that these payment solutions make it easy to track spending in a way that’s contactless and convenient. And adoption is growing:
- Thirty percent of respondents have signed up for P2P platforms in the past six months and nearly half (45%) of longer-term users are using this form of payment more often than they did a year ago.
- Thirteen percent of respondents cited avoidance of paper money and physical cards as one of their top three reasons for using digital payment tools during the pandemic.
Automation on Track to Shape 2021 Savings Habits
Consumers are optimistic despite the challenges faced in 2020. Forty percent look forward to contributing more to their savings accounts next year, and automated tools will play an important role:
- Nearly all users of Autosave, (91%) agree that it is a convenient way to save and 83% said that it holds them accountable to their savings goals.
- Among customers using Autosave, 84% plan to continue to use the tool as part of their approach to savings next year. And 77% agree that Autosave helps them feel like they are staying on track to meet savings goals.
This study is based on a Chase survey fielded between October 20-31 and November 9-10, 2020 among 1,500 total respondents ages 18-65 comprised of Chase customers (750 respondents) and non-Chase customers (750 respondents).
As of Q3 2020, Chase has nearly 55 million digitally active customers, an increase of 6% since the same time last year. Customers now use Chase QuickDeposit℠ for 40% of their check deposits, up from 30% before COVID-19, and more than half of customers now apply digitally for mortgages, double the level from Q2 2019.
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