Consumers Use Banking Apps for Much More than Transactions
Their Preferences are Driving Innovation at Chase
By Sonali Divilek, Head of Digital Products and Channels, Chase
Everyone is using their phones to “get things done” in their lives and banking is no exception. We have seen mobile usage continue to climb over the years, and we now serve more than 54 million mobile users — an almost 10% increase from 2023.
And while we know that customers come to the Chase app for the convenience of depositing checks, sending money and taking care of everyday money needs, we’re also seeing that customers want to do more than just transact on their phones. They want to book travel, redeem points, monitor their credit, and engage with budgeting and spending tools that help them plan and prepare. My team has been focused on creating experiences that help our customers do more through the Chase Mobile app.
A Multi-Purpose Banking Experience
A consumer survey we recently conducted found that 62% of consumers feel they cannot live without their mobile banking app and 78% are using it weekly. Nearly nine in 10 (86%) prefer to use one app to manage all their banking activities, including using their banking app to pay an auto loan or book travel.
Digital payments also continue to be a huge part of consumers’ money management preferences, with nearly two in three (64%) using their banking app to send or receive money to family and friends instead of cash (22%). Millennials lead the way, with 70% saying they use P2P payments to send money to family and friends.
We have been focused on continuing to evolve the Chase Mobile App to make it more personalized and simpler for customers to navigate to what they need. We want to make sure users can easily find what they are looking for while also having more options to access all Chase has to offer and improve their financial health.
As part of that, we launched Score Planner, a feature of Credit Journey — a free credit monitoring service tool that has been around for a few years and is free to anyone, including those who don’t have a Chase account. We know users want a tool that not only tells them what their score is, but that will help drive actions to increase and improve it.
We built Score Planner to help customers improve their credit score with a personalized and attainable credit score goal based on each customer’s unique credit report and a timeframe that works best for them. We’ve seen that users who complete a plan have raised their scores 30 points or more on average.
Another tool we recently built is Spending Planner. Many consumers are looking for budgeting help to give them more predictability around their money and to prepare for bigger purchases. We created this tool to give users a view of where their money is going, allow them to build a budget, and to see how they’re tracking against their goals.
These tools were created using insights from customers, data, and design principles that make it easy and intuitive to use and integrate into the app experience seamlessly.
Why It Matters
Managing all their finances and other daily tasks is where consumers find the most value in their banking apps, and we make it easy for them to do everything in one place while also keeping their accounts and data secure.
It’s all part of our ongoing strategy to continually innovate and bring the products and experiences customers want and need to manage their daily lives in the palm of their hands.
To learn more about the 2024 Chase Digital Banking Attitudes Study and the results, read the press release.
The Chase Digital Banking Attitudes Study surveyed a representative sample of American consumers, ages 18 to 65, between December 4 and 13, 2023.
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