Consumers Prefer Using Banking Apps For Financial Transactions, New Study Proves

The advent of modern technology has made it so easy for us all to use banking applications for various financial-related matters.

But you might be surprised how the majority of consumers prefer using such modern-day tools to carry out their financial dealings on a usual basis. The news comes to us thanks to a recently conducted survey from a group called Chase.

They claim the increasing interest in such financial mediums was driven thanks to the likes of the pandemic. During that era, we saw how difficult it was to physically go and conduct day-to-day banking operations. So the great speed linked to technical innovation has allowed for sheer convenience and so far, users are loving it.

This particular survey is shedding light on how much the popularity linked to financial apps has grown over time. More than 90% of individuals claim they would find it hard to live without the offering of banking applications.

These consumers carry out everything and anything that one can think of. Be it monitoring bank balances or keeping an eye on their credit card too- the list is really endless in terms of what you can achieve through the click of a button. It’s even great for grabbing a hold of discounts as well as rewards from a single location as many individuals like to keep an eye on their finances directly.

People adore making use of mobile banking platforms and place heavy reliance upon them too to grab a hold of their finances. This means sending out funds to loved ones and friends have never been as easy as this as you get the chance to manage transactions.

Around 87% of consumers speak about utilizing their banking applications around once a month or even more than that. Moreover, demographics prove that its users hailing from the millennial age group are the most likely to use modern technology for their banking needs as 93% use it at least one time every month.

This was slowly followed up by the likes of Gen X and then Gen Z, and lastly, boomers did also make the list. As a matter of act, keeping a strong hold on credit appears to be a major goal for those arising from the millennial group.

Some leading tasks that are popularly done on banking apps include the likes of card replacements and paying offer funds to other individuals.

On the other hand, another striking part of the report speaks in detail about using digital payments around once a month or even more than that. Then 47% of people claim to pay through digital means once a week or even more than that has turned into a norm for them.

Meanwhile, four in five payments being sent out through the app are for the sake of repaying funds to both relatives as well as friends.

Such modes of payment are commonly used including the likes of tapping and paying, paying peers, making payments via apps, and also the ever-so-popular in-store wallets.

Furthermore, this particular study showcased how 2022 was the year where users were spending more on themes like travel and entertainment than that witnessed in 2021 as Generation Z and millennials are likely to enhance spending in this particular category.

But some consumers are searching for ways through which they can save funds by using two in three researching deals as well as discounts. Meanwhile, over 50% utilize the system of reward points. So as you can see, the popularity is definitely growing.

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