Customers want mobile banking apps to go beyond transactions, Chase study finds

Dive Brief:

The majority of consumers heavily rely on their mobile banking apps, Chase Bank found in a recent survey of consumers across a variety of banks. More than 60% of respondents said they "can't live without" it.
As banking apps become more ubiquitous, consumers want to use them for more than just transactions, including using digital tools to improve their financial health. A third of consumers said they use their banking app to check credit score, and nearly 1 in 5 of Gen Z and millennials are using their banking app to set savings goals.
More consumers have adopted mobile banking in recent years thanks to their convenient and easy nature, according to Sonali Divilek, head of digital products and channels at Chase. “The pandemic was a clear catalyst for this, and use has increased even more as consumers learn the value and convenience of managing their financial lives and other activities — like credit monitoring, travel booking, and more — from their mobile banking apps,” she told CX Dive via email.

Dive Insight:

Consumers value the convenience and speed of mobile banking apps, with a growing number expecting their banking apps to be a one-stop shop to make transactions, send digital payments to friends and family, and track their financial health.

The findings highlight the need for banks to provide an easy user experience and a variety of banking tools.

Peer-to-peer payment usage has grown, too, with nearly two-thirds using it to send or receive money to friends and family. That number grows among Gen Z and millennials to 70%.

“Gen Z and millennials are digital natives and fast to adopt new ways of transacting, so it is no surprise they are the most likely to use tools like peer-to-peer payments to send money digitally to family and friends,” Divilek said.

While many people use mobile banking apps for convenience and fast transactions, Chase has found that its customers are increasingly adopting tools that help budget and track their credit scores, Divilek said.

“Customer needs continue to evolve, and we create tools to support their goals,” Divilek said.