Consumers Are Using Banking Apps for More Than Transactions, New Chase Study Finds

NEW YORK, Feb. 13, 2024—A new survey from Chase found 62% of consumers said they can’t live without their mobile banking app, and 78% are using it weekly.

Banking app users are doing more than just transacting and the majority would prefer one app to manage all their money needs. The survey also found increased interest in financial health tools like credit monitoring, budgeting and saving, especially among younger consumers.

The findings are part of the Chase Digital Banking Attitudes Survey, a yearly consumer study that started in the pandemic to learn more about consumer digital banking preferences.

Eighty-six percent of consumers said they prefer to use one app for all their banking

Beyond transactions, consumers are using digital tools to book travel and entertainment and manage home and auto loans, in addition to financial health tools.

• Usage is increasing among consumers looking to book travel from their phones. Thirty-eight percent of consumers said they prefer to book their travel from one place.
• Nearly 60% of consumers said they would consider using their banking app to pay an auto loan, indicating increased comfort using digital tools to manage all expenses.

Gen Z and Millennials banking app users are most engaged in using financial health tools like credit monitoring, budgeting and savings features

In general, banking app users became more aware of the importance of their financial health in 2023. The survey found that younger generations are using digital tools to help manage their credit score, budget and save more than most consumers.

• Of all survey respondents, 69% said they are interested in credit monitoring or improving their score.
  • Gen Z was most interested in credit monitoring at 74%, followed by Millennials at 72%.
• Adoption of bank provided credit monitoring services increased to 53%, up from 48% in 2022.
• Of those whose banks provide credit monitoring services, 33% said they use their banking app to check their credit score.
• On average, 18% of Gen Z and Millennials use a banking app to set savings goals, 17% create and track their budget from their app, and 16% use it to forecast their monthly spending.
• Sixty-two percent of all consumers said they set up alerts online or via a mobile app to protect themselves against fraud and scams, up from 54% in 2020.

Millennials lead in sending digital payments to friends and family

Two in three consumers use their banking apps to send money to family and friends. More Millennials used peer-to-peer (P2P) payment methods in 2023 than any other generation.

• Sixty-four percent of consumers use P2P methods to send/receive money from family and friends, compared to only 22% who use cash.
• Across generations, Millennials are most likely to use P2P methods, with 70% saying they use them to send money to family and friends.
• Consumers use P2P methods most often to split the cost of groceries and restaurant bills (36%), followed by:
  • Rent (19%)
  • Electric Bills (19%)
  • Home Repairs (8%)
  • Mortgage payments (7%)

“Everybody is using their phone these days to do absolutely everything, and banking is no exception. Customers are using their phone to manage their accounts, book travel, and redeem points and this trend will persist” said Sonali Divilek, Head of Digital Products and Channels at Chase. “That is why the Chase app is constantly evolving, incorporating customer feedback, and making the experience easier for customers to access all Chase has to offer, from managing their money, to buying a home, to booking a trip, and keeping them safe and secure while doing that.”

Chase Mobile App users continue to grow

In 2023, Chase saw a 10 percent increase in mobile app users and 54 million customers use the app today. Last year, the bank also introduced new tools like score planner, Chase Pay in 4^SM and J.P. Morgan Wealth Plan^SM as ways to help users with financial health goals. Engagement on the features is on the rise.  Score planner, for example, has helped users increase their credit scores by 20 points on average.

The Chase Digital Banking Attitudes study surveyed a representative sample of consumers in the United States, ages 18 to 65, between December 4 and 13, 2023.

Visit Chase.com/mobile to learn more.

About Chase

Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading financial services firm based in the United States with assets of $3.9 trillion and operations worldwide. Chase serves nearly 80 million consumers and nearly 6 million small businesses, 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, more than 15,000 ATMs, mobile, online and by phone. For more information, go to chase.com.