Whether splitting the bill when eating out, or sharing costs on grocery shopping, 67% of consumers polled in the Chase Digital Banking Attitudes survey reported they have used person-to-person payments, or P2P, up from 40% in 2020. Additionally, 39% expressed strong interest in adopting AI for financial management in the future. Also, 85% would prefer to manage all their banking activities in one app. Now in its fifth year, the survey of 2,000 participants has been examining consumer banking behaviors since the pandemic. Millennials are driving adoption trends, using all online banking features more than other generations. The survey shows that many consumers are also ready to explore the future of digital banking with new and emerging technologies. Millennials again stand out as most willing and interested in exploring new technologies in their digital banking experiences, followed closely by Gen Z. Nearly half of all Millennial (49%) and Gen Z (45%) respondents said they would like access to AI assistants to help manage their finances and provide real-time solutions to their needs. Younger consumers also are interested in integrating other technologies over the next five years, led by Millennials and Gen Z Some highlights include:
- 75% said they are aware of and have used P2P payment methods, a 21% increase from 2020, leading the way in adoption and moving away from traditional cash transactions.
- 79% use credit monitoring tools.
- 78% of consumers use banking apps weekly and 62% can’t live without them.
- Credit score monitoring adoption has jumped to 52%, up 11% since the first survey.
- One-third (34%) use digital budgeting tools and half use them weekly.
- About one-half (48%) of respondents said they would use mobile banking features that automate their savings.
- More than two-thirds (68%) find digital tools (texts, emails, fraud alerts) helpful in notifying about potential fraud on their accounts.