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Chase Study Finds Growing Confidence in Digital Banking

The coronavirus pandemic is helping Americans adapt to changes in digital banking. That finding is just one of many from Chase’s Digital Banking Attitudes Study. Here are the full findings of the report:

Chase Digital Banking Attitudes Study

Chase recently released its Digital Banking Attitudes Study, examining public preferences with digital banking and technologies. The study surveyed 1,500 U.S. consumers. Specifically, they were surveyed on their use and preferences concerning digital banking. The study highlighted growing confidence with these digital tools.

Chase Study Findings

The Chase Digital Banking Attitudes Study is highlighting growing confidence with digital technologies amongst U.S. consumers. This growing adoption is illustrated in the findings, which show:

Digital Technology Is Integral to Daily Life

Technology, like fraud alerts, mobile deposits, and online payments, is essential for most respondents. Consumers also find tasks that require concentration, such as paying bills, are easier via mobile technologies. Of those technologies, smartphones were the most popular, according to respondents.

Digital Payments More Preferable Than Cash

Digital payments are also growing in popularity. Thirty percent of respondents stated they signed up for a peer-to-peer (P2P) platform, like Zelle, within the past six months. And 45% of longer-term users of P2P services say they are using these payment options more often than they did a year ago.

Additionally, 13% of respondents stated that they preferred digital payments because of the desire to avoid handling or using paper money due to the coronavirus pandemic. The study also highlights a shift toward digital payments because of COVID-19. Fifty-four percent of those questioned stated they are using digital technology more as a result of the pandemic.

“Digital Banking Essential for Managing Finances”

Commenting in a press release that accompanies the report, Chase’s Head of Digital, Allison Beer, highlighted the importance of new technologies in helping consumers deal with their finances in the age of the coronavirus pandemic.

“The pandemic has demonstrated that digital banking is essential for consumers of all ages to manage their finances confidently,” she said. “This new research reaffirms our commitment to creating features that make it easier and faster for customers to bank digitally with Chase.”

About Chase

Chase is the U.S. consumer and commercial banking business of JPMorgan Chase. The latter is a leading global financial services firm with assets of $3.2 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.

Related Article: Consumer Confidence Appears to Be Growing

Featured photo by Nicole De Khors / Burst
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