Nearly four out of five U.S. consumers use their banking app weekly, with many saying they “can’t live” without their app, according to the annual Digital Banking Attitudes Survey by Chase. The survey also found that consumers are using digital tools to book travel and entertainment and manage home and auto loans, with 60% of respondents saying they would use an app to pay an auto loan.
Tools to monitor financial health were an important feature in apps for many respondents, particularly younger generations. Sixty-nine percent said they were interested in credit monitoring or improving their score, with Gen Z the most interested at 74%, followed by millennials at 72%. Among respondents whose banks provide credit monitoring services, 33% said they use their banking app to check their credit score.
Sixty-four percent of consumers use peer-to-peer [P2P] methods to send and receive money from family and friends, compared to only 22% who use cash. Millennials were most likely to use P2P methods, with 70% saying they use them to send money to family and friends.
