Chase study: consumers continue to adopt digital banking

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 in 2020.

93% 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. 79% of respondents said digital payment options make it easier to track and manage finances as well.

69% of respondents said they use a service to monitor their credit, which is an 8% increase from 2020’s study. There was a significant increase in usage across generations, with millennials using them at a higher rate than most. 66% of respondents said they use credit services to check their credit scores. 44% of Gen Z respondents cited they are using credit monitoring services to learn how to improve credit scores. 

Consumers are using digital features to do more than check their balances or pay bills. 13% 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.

74% 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. 

This study is based on a survey fielded between 14 and 28 October among 2,000 men and women, between the ages of 18-65.