Millennials drive growth in digital banking adoption, study says

In essence, it found that younger generations play a key role in the increased use of person-to-person (P2P) payments and interest in emerging technologies. 

According to the survey, which sampled 2,000 US adults with banking relationships in early February 2025, 67% of respondents have now used P2P services, such as splitting bills or sharing expenses, a notable rise from 40% reported in 2020. 

Moreover, the use of digital banking apps remains widespread, with 78% accessing mobile banking at least weekly. Additionally, 62% described these apps as essential to their financial routines.

Millennials lead shift toward new financial tech

Millennials continue to account for the highest levels of adoption across several digital banking features. Three-quarters of respondents from this age group reported using P2P services, reflecting a 21-percentage point increase since 2020. In addition, 79% of Millennials use tools that allow them to monitor their credit scores, and many expressed an interest in integrating technologies such as AI, virtual reality, and other digital enhancements into their banking experience. 

When asked about potential future applications, 49% of Millennials and 45% of Gen Z participants said they would be open to using AI-based financial assistants. Interest in other technologies, ranging from virtual and augmented reality to robotics and neural interfaces, was also most pronounced among younger respondents. 

Overall, 39% of all survey participants indicated they are willing to consider AI to assist with financial management in the coming years. Across generations, 85% of respondents expressed a preference for managing their banking activities through a single app. 

Chase representatives noted that the use of its mobile app has grown steadily over the last five years, with over 80 million users now accessing the platform. The institution has reported annual user growth of roughly 8% to 10% during that period.