Consumers are increasingly using their mobile phones for banking in recent years, due to the pandemic and technology innovations, according to a new survey from Chase, the US consumer and commercial banking business of JPMorgan Chase & Co.
Today, 90% of consumers prefer to manage their finances all in one place—from monitoring account balances and depositing checks through their phone, to applying for a mortgage. In fact, two out of three respondents reported that they can’t live without their banking app. They’re now monitoring their credit and taking advantage of discount offers and rewards as well as checking on their accounts, paying bills and depositing checks.
“People are using mobile banking apps more than ever and rely on them to manage their finances, including sending money to family and friends and managing everyday transactions,” said Sonali Divilek, Head of Digital Products and Channels at Chase.
- 87% of survey respondents say they use their banking app at least once per month or more (+2% YoY))
- 93% of millennials say they prefer to manage their banking in one place, followed by Gen X (90%) Gen Z (89%) and Boomers (84%)
- 82% use digital payments once a month or more, and nearly half (47%) pay digitally once a week or more (+5% YoY)
