Consumer banking apps have continued their steady climb in popularity, with 87% of consumers saying that they use their bank’s app at least monthly — and 66% saying they can’t live without it.
“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, JPMorgan Chase’s head of digital products and channels.
The insight comes from the Chase Digital Banking Attitudes survey, released last month.
Consumers, the survey found, aren’t just logging on to check their balances these days. Nine in 10 respondents said they prefer to use just one app to manage their finances, from depositing checks to checking their credit to applying for a mortgage.
Chase found that managing credit is a high priority for respondents, with almost half (46%) saying they check their credit scores at least once a month and “do everything they can to get as high a score as possible.”
Millennials use credit monitoring services more than any generation (75%), but Gen X is close behind (71%).
The features of banking apps that have seen the largest jump in usage include ones that help request card replacements (54% usage, a 5 percentage-point increase year over year) and peer-to-peer payment features (50% usage, up 4 percentage points year over year).
Consumers’ mobile banking favoritism predates the pandemic. The American Bankers Association found in October 2021 that 44% of Americans preferred to bank via mobile apps, far outshining the then-10% of consumers who preferred in person branch banking. Prior to the pandemic, ABA reported that 33% preferred banking via app, compared to 21% in person.
The numbers have continued to rise as banks have made their apps more and more sophisticated.
Survey results from IT company Forrester found that beyond account and credit management, consumers like when their banking apps offer subscription management tools that help them avoid making monthly payments for services they no longer wish to use, as well as easy digital wallet integration.
