Chase Survey Shows Digital Banking Continuing to Grow
banking on a computer

Chase Survey Shows Digital Banking Continuing to Grow

For years, digital banking has been on the rise. Of course, the pandemic of the past year and a half has only served to accelerate this trend. Now, a new survey from Chase shows how consumers are not only using banking sites and apps along with digital payment services but may also be starting to use these outlets for other financial transactions as well.

Headlining the survey results was the fact that nearly three-quarters of respondents (73%) report using a mobile banking app at least once per week. That’s an increase of 8% from last year’s results. Moreover, 62% stated that their banking app was a “service they cannot live without,” marking a 7% YOY increase. The use of digital banking also grew across multiple generations, with Millennials, Gen X, and Baby Boomers all noting that they use digital banking channels more now than they did one year ago.

Also increasing in popularity are digital payment methods, such as Zelle. Chase’s survey found 93% of respondents had utilized at least one such platform in the past year. Interestingly, however, one-third of surveyed consumers report that they only started using these tools in the past six months. Regardless of age, the top reason cited for why consumers enjoyed using these services was the same, with two-thirds citing “convenience” as their biggest driver. Meanwhile, 57% said that they used digital payment methods because they were “fast” while 46% said that they “saved time.” Elsewhere, 79% also said that digital payment options make it easier to track and manage finances.

While banking websites and apps are often used to check balances, view transactions, and transfer funds, some banks are also expanding their list of services. For example, Chase maintains a travel portal where customers can book flights and hotels. Asked about whether or not they’d booked travel using their bank’s website or app, only 13% reported doing so. However, 34% of those who had yet to book travel via these methods stated that they’d at least be interested in doing so. Meanwhile, 74% of those who had booked travel with their banking site said they were highly likely to do so again.

Commenting on the results of the survey, Chase’s chief product officer Rohan Amin said, “This year, digital banking played an even bigger role in how consumers manage and track their finances on a daily basis. This new research highlights how consumer preferences are driving both the creation and adoption of new features that help consumers get more value out of their bank account or credit card.”

Overall, it’s really no surprise that a strong majority of consumers are regularly utilizing digital banking options. That said, it’s still impressive how overwhelmingly common these technologies and services now are. It’s also interesting to see how banks are leveraging the comfort and familiarity customers now have with digital services to offer additional options such as booking travel. While it seems that particular vertical has a ways to grow, it’s worth noting that Chase has been pushing their travel platform by rewarding several of their credit card customers with 5% back when they book using the portal. So, the real question then becomes, “what’s next?”

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...