Rather than solely engaging in transactions, users of banking apps express a preference for a single app to address all their financial needs. Interest in financial health tools such as credit monitoring, budgeting, and saving is notably higher among younger demographics.
These insights stem from the Chase Digital Banking Attitudes Survey, an annual study initiated during the pandemic to explore consumer preferences regarding digital banking. A substantial 86% of consumers express a desire to consolidate their banking activities within a single app.
In addition to financial transactions, consumers leverage digital tools for tasks like travel and entertainment bookings, as well as managing loans for homes and automobiles, alongside employing financial health tools.
The inclination toward mobile travel bookings is on the rise, with 38% of respondents preferring a unified platform for such arrangements. Nearly 60% of participants indicate openness to using their banking app for auto loan payments, reflecting a growing comfort with digital tools for comprehensive expense management.
Among users of banking apps in the Gen Z and Millennial demographics, there is a heightened engagement with financial health tools like credit monitoring, budgeting, and saving. Overall, users of banking apps are increasingly recognising the significance of their financial well-being. Particularly, younger generations rely on digital tools to manage their credit scores, budget, and savings more than other age groups.
Of all survey respondents, 69% express an interest in credit monitoring or improving their credit score, with Gen Z demonstrating the highest interest at 74%, followed by Millennials at 72%. The adoption of bank-provided credit monitoring services has risen to 53%, up from 48% in 2022. Among those with access to such services, 33% use their banking app to monitor their credit scores.
On average, 18% of Gen Z and Millennials use banking apps to set savings goals, 17% for budget creation and tracking, and 16% for forecasting monthly expenditures. Fraud protection remains a priority, with 62% of all consumers setting up alerts through online or mobile apps, an increase from 54% in 2020.
Millennials are prominent users of digital payment methods for peer-to-peer transactions, surpassing other generations in utilising such services in 2023. Two-thirds of consumers utilise banking apps for peer-to-peer money transfers, with Millennials leading in this regard.
The primary uses of peer-to-peer methods include splitting grocery and restaurant bills (36%), followed by rent and electric bills (both at 19%), home repairs (8%), and mortgage payments (7%).
Representatives at Chase remark on the pervasive use of mobile phones for various activities, including banking, highlighting the ongoing evolution of the Chase app to meet customer needs effectively. Chase has experienced a 10% increase in mobile app users in 2023, with 54 million customers currently using the app. New tools like Score Planner, Chase Pay in 4SM, and J.P. Morgan Wealth PlanSM have been introduced to aid users in achieving their financial health goals, resulting in increased engagement with these features.
The Chase Digital Banking Attitudes study surveyed a diverse sample of consumers in the United States aged 18 to 65 between 4th and 13th December 2023.
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