Digital Transformation Source: Harvard Business Review
Insights Open Finance

The Appetite for Digital Banking Products Continues to Grow; A New Chase Study Has Found

One year after its first digital banking attitudes study, Chase has released the findings of its second study, which further explores the attitudes of consumers to using banking websites and apps.

Rohan Amin, Chief Product Officer at Chase
Rohan Amin

“This year, digital banking played an even bigger role in how consumers manage and track their finances on a daily basis,” said Rohan Amin, Chief Product Officer at Chase. “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.”

Digital banking continues to gain momentum year-over-year

Digital apps have become commonplace as a banking channel, with 73 per cent of consumers citing usage once a week or more; a figure that’s up eight per cent from last year’s study. On a similar note, 62 per cent cited the service as something they ‘cannot live without’; a seven per cent increase YOY.

In terms of demographics, the data highlighted how Millennials, Gen X and Baby Boomers all use digital banking technology to manage finances at a higher frequency today than they were a year ago.

Consumers are paying digitally more than ever before, which will likely continue

93 per cent of consumers have used one or more digital payment methods in the past year; up five per cent from last year’s findings.

Consumers’ top reasons for using digital payment methods were the same across all generations:

  • Convenient (66 per cent)
  • Easy (57 per cent)
  • Saves time (46 per cent)

Approximately one in three consumers said they started using digital payment tools in the past six months. 79 per cent of respondents said digital payment options make it easier to track and manage finances as well.

Credit monitoring services are learning tools for Gen Z

69 per cent of respondents said that they use a service to monitor their credit, which is an eight per cent increase from last year’s study. The data also highlighted a significant increase in usage across generations, with millennials using them at a higher rate than most.

76 per cent of respondents said they use credit services to check their credit scores. 44 per cent of Gen Z respondents cited they are using credit monitoring services to learn how to improve credit scores.

Consumers increasingly use digital banking features to book travel

The data showed how consumers are using digital features to do more than just check their balances or pay bills.

13 per cent of respondents said they have used their bank’s website or mobile app to book travel, yet when asked, 34 per cent of those who had not used this feature said they would be willing to try booking with their bank next time. 74 per cent of respondents who said they’ve booked travel with their bank are highly likely to do so again.

However, just 18 per cent of respondents cited that they’ve added offers to their credit cards through their bank online, but those who have are likely to repeat. If they haven’t tried it yet, 45 per cent say they are likely to add offers in the near future.

“Chase’s Product, Design, Data and Technology teams are driving innovation at scale, creating digital experiences that help millions of consumers to manage more aspects of their financial lives from their mobile device,” Amin added.

Author

  • Tyler is a fintech journalist with specific interests in online banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

Related posts

Emata Wins Best Catapulter Award and the CATAPULT: Inclusion Africa 2021 Digital Bootcamp

Tyler Pathe

iProov Outlines 672% Rise in Deepfake Media as Threat Actors Increase Productivity

The Fintech Times

Cyberattacks Almost Double From 2021 to 2022 in US and UK Finds SEON

Francis Bignell