Closeup of hand holding smart phone, representing digital banking
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Apps/Software Money News Briefs

Chase Study Finds Digital Banking Tools Are Rising in Popularity

Mobile apps have become the most frequently used banking channel, with 62 percent of respondents citing that they can’t live without their banking app.

One year after its first digital banking attitudes study, Chase has now released the findings of its second study, which further explores the attitudes of consumers to using banking websites and apps.

“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.”

Digital banking keeps gaining momentum

Digital banking continues to gain momentum year-over-year

Respondents reaffirmed that mobile apps have become their most frequently used banking channel. Seventy-three percent of consumers cited usage once a week or more (up 8 percent YOY). Sixty-two percent cited it’s a service they cannot live without (up 7 percent YOY).

  • Millennials, Gen X and Baby Boomers said they use digital banking to manage finances more today than a year ago.

Consumers are using digital banking more than ever before

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 percent YOY).

  • Consumers’ top reasons for using digital payment methods were the same across all generations:
    • Convenient (66 percent)
    • Easy (57 percent)
    • Saves time (46 percent)
  • 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.

Changes across generations

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. This is an 8 percent 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.

Digital banking and travel

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 percent 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 percent 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 percent 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 users (+10% YoY) and nearly 58 million digitally active users (+6% YoY).

About Chase

Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $3.7 trillion and operations worldwide. Chase serves more than 60 million American households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: More than 4,700 branches in 48 states and the District of Columbia, 16,000 ATMs, mobile, online and by phone. For more information, go to chase.com.

Financial wellness platform Origin recently released a report tracking women’s financial wellness.