Consumers Rely More and More on Mobile Banking, New Chase Study Finds

NEW YORK, JAN. 18, 2023—Consumers are using their mobile phones for banking far more than three years ago, due to the pandemic and technology innovations, according to a new survey from Chase.
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.

Now in its third year, the Chase Digital Banking Attitudes Study surveys consumers about banking apps and digital tools for managing their finances.

Mobile banking continues to see increased adoption
Consumers overwhelmingly want to manage their banking activities from one place and prefer using their mobile apps.

• 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%)
• Features that help request card replacements (54% usage, +5% YoY) and pay friends, family or other people (P2P) (50% usage, +4%YoY) saw the largest increase in usage

Consumers are paying digitally more than ever before
P2P payments are being used more for everyday transactions, like sending money to family and friends. In addition, services such as Buy Now, Pay Later (BNPL) or pay over time are also gaining traction as they become more widely used.

• Four in five P2P payment users use the service most often to send/receive money from family and friends (54%), compared to cash (16%) and checks (3%)
• 82% use digital payments once a month or more, and nearly half (47%) pay digitally once a week or more (+5% YoY)
  • Monthly usage has increased across digital payment methods:
    • Tap & Pay—60% (+10% YoY)
    • P2P payments—59% (+5% YoY)
    • Payment through apps—58% (+4% YoY)
    • In-store mobile wallet—41% (+3% YoY)
• Forty percent of respondents reported that they have used a BNPL service

Millennials use credit monitoring services more than other generations
The survey also found that managing credit is a top priority for respondents and Millennials have taken the lead by using credit monitoring services regularly to keep track of their scores.

• Forty-six percent of consumers said they check their score at least once a month
  • Use of credit monitoring service by generation:
    • Millennials (75%)
    • Gen X (71%)
    • Boomers (67%)
    • Gen Z (56%)
• Fifty-six percent said they regularly pay attention to their credit and do everything they can to get as high a score as possible

Respondents spent more on travel and entertainment in 2022 compared to 2021, but are still looking for ways to save
While there’s more spending in this category, there’s also more saving.

• Consumers spend an average of $1,548 annually on travel and average $209 per month on entertainment
• Gen Z and Millennials were most likely to increase their spending on travel and expenses in 2022, compared to 2021
• Travel and entertainment spend is increasing, but consumers are also taking action to help save on these expenses, including:
  • Two out of 3 are researching deals and discounts
  • Over half use reward points to fund the expense
• Fifteen percent of consumers surveyed have booked travel through their bank and many of them (64%) are likely to do so again

“Our customers value the simplicity, security and convenience of our app,” Divilek said. “Nearly 50 million customers can easily check their credit score, apply for a loan, open an account, redeem points, save through offers, and book travel and dining.”

The Chase Digital Banking Attitudes study surveyed a representative sample of American consumers, age 18 to 65, between November 4 and 18, 2022.

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 $3.7 trillion and operations worldwide. Chase serves more than 66 million American households, including 5 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, 16,000 ATMs, mobile, online and by phone. For more information, go to chase.com.