One app to rule them all? New survey finds banking apps are more than just a home for transactions | Laptop News

Until recently, it seemed that consumers were more than happy with unbundled financial products, creating their own versions of a “personal finance tech stack”.

But that trend may be reversing as consumers turn back to their banks with growing expectations for their digital banking app to be a one-stop shop solution. Customers now expect to use their banking app to keep an eye on their credit score, pay for their loans and bills, as well as to transact with their friends and family. 

Credit score: 69% of customers are interested in improving their credit scores and for those whose banks offer credit monitoring services, roughly one-third rely on their bank to check on their credit score. 

So what are the other two-thirds doing and why are they not using their banks to check their credit score? 

“It could be that consumers are checking their scores outside of the app, or some may even not check them due to misconceptions that doing so may have an impact on their score. This is a commonly held misconception among consumers, but there is a difference between hard and soft credit inquiries,” said Sonali Divilek, Head of Digital Products and Channels at Chase.

Consumers are also relying on their banks for personal financial management, but this is most common within younger consumers like Gen Z and Millennials with 18% using their banking apps to create savings goals and 17% using them to track their budgets. These numbers aren’t very large but that might be because financial management becoming a part of banking apps is “still relatively new” according to Divilek.  Within its own customer base, Chase has seen an overall uptick in its banking app and “positive engagement” with its financial management tools like Spending…

 read more tearsheet.co

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