As the COVID-19 pandemic continues to affect billions of people globally, digital platforms remain the most accessible and safest way for many consumers to take care of their daily tasks including banking. New users have had a lot of time during the Coronavirus crisis to check out new digital applications while developing long-term habits around using them on a daily basis, instead of visiting physical bank locations.
Chase has studied these digital or Fintech trends and how online channels are becoming a major part of consumers’ everyday lives in its Digital Banking Attitudes Study.
Allison Beer, Head of Digital at Chase, revealed that the banking institution had to accommodate a significantly higher volume of digital users in 2020. She also discussed what the bank believes we should expect to see in 2021.
In statements shared with Business Insider, Beer noted that customers across all different age groups are now banking online a lot more frequently than before the COVID crisis began. Beer revealed that “since the start of the pandemic, half of our new digitally active customers are over 50 years old.”
She also mentioned that the bank has developed its digital features to be as user-friendly as possible for its clients so that they’re able to easily manage their finances after they’ve signed into their online accounts for the first time. She added that the bank offers helpful tips through a special page that features videos on how to use the software tools in the Chase mobile app or through the bank’s intuitive website.
Beer confirmed that enrollment in Autosave increased by 77% from November 2019–2020. She also revealed that Chase clients saved three times as much, with Autosave. last year (when compared to 2019). Specifically, customers using the Autosave feature managed to save an average of around 15% more than other users, Beer claims.
Autosave allows users to set a particular savings goal, and also the frequency and amount they want to put towards that goal. The automated tool then sends the funds into the customer’s savings account, according to the guidelines they’ve provided.
Beer further noted that Chase isn’t expecting a major impact on its business due to COVID. She confirmed that most of the bank’s branches continued to stay open, even after the pandemic began. Although the bank’s clients are using digital platforms more frequently during COVID, they also made regular visits to Chase’s physical branches, Beer revealed. She explained that many consumers are looking for that personal interaction that you get when meeting with their banker or financial advisor (in-person).
As covered in November 2020, Chase Bank entered the Buy Now, Pay Later market with flexible payment plan options for purchases over $100.
In October 2020, Chase launched new accounts to help children develop healthy savings and spending habits.