Americans love mobile technology and digital banking more than ever, Chase survey shows
We know Americans love their mobile phones, but more than their wedding ring?
Absolutely, according to a recent Chase survey of 1,500 adults:
- One in three (32%) would hate to lose their cell phone, compared to 19% upset about a lost wedding ring and 20% over their birth certificate.
- Three in four say mobile tools help them manage their lives and stay organized.
- Half say they check their mobile banking app at work (51%) – Shhh, don’t tell the boss.
- 35% check their banking app during a break at work.
- 31% look between bites at a restaurant – though likely not when proposing with a diamond ring.
“We saw consumers really step up their use of digital banking tools – especially mobile apps – in the last year,” said Donna Vieira, Chief Marketing Officer of Consumer Banking at Chase. “We continue to enhance our digital banking services to let customers bank how, when and where they want.”
Consumers tap in more
Many more consumers are using technology to bank more easily than last year.
- 21% more are viewing account balances
- 20% more are paying bills
- 8% more are transferring money
Online & ATM:
- 37% more are paying bills online
- 35% more are transferring money online
- 17% more are visiting the ATM
Not just the Millennials
Of course, Millennials have their hands wrapped around their mobile phones. But GenXers and Boomers are becoming more aware of tools on their mobile banking app:
|Know they can||Millennials||GenXers||Boomers|
|View account balances||93%||up 18%||84%||up 18%|
|Pay bills||85%||up 20%||79%||up 19%||70%||up 20%|
|Transfer money||91%||up 25%||80%||up 22%||66%||up 17%|
Nearly half said they would leave their wallet at home if a digital wallet would do the trick.
- 48% prefer to pay using their phone vs. credit card or cash
- 46% plan to make payments with mobile phones more in the next five years
In fact, two in five (40%) have either lost or forgotten their debit or credit card when they needed it most.
More bank for the buck
Chase continues to enhance its digital banking technology to meet customers’ needs.
- Customers can now send and receive money in real time to customers of a growing number of banks, with the recent enhancement to Chase QuickPay.
- Customers will be able to use their smartphone to take out cash from Chase ATMs later this year. No card needed.
Chase offers its digital services in English and Spanish. For more information in English, visit chase.com/wayyoubank. For more information in Spanish, visit chase.com/DominaTusFinanzas.
To uncover insights around digital banking knowledge and habits of Americans, Chase conducted a telephone and online survey. The telephone survey is among a nationally representative sample of 1,008 adults (18 years old and older) living in the continental United States. The online survey is among a nationally representative sample of 1,500 adults (18 years old and older) living in the continental United States, with an oversample to obtain 200 respondents in the following cities: New York, Los Angeles, Chicago, Dallas, Phoenix, Columbus, Miami, and San Diego. The surveys were conducted between April 19th and April 26th with a margin of error of +/- 3 percent at the national level and +/-7 percent at the local market level with a 95% confidence level.
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.4 trillion and operations worldwide. Chase serves nearly half of America’s households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: 5,300 branches, 15,500 ATMs, mobile, online and by phone.