Interview with Chase’s head of digital on customers’ banking habits

• As the coronavirus crisis ensues in the US, digital remains the most accessible way for many customers to do their banking.
• We spoke with Allison Beer, head of digital at Chase, about how the bank accommodated a higher volume of digital users this year, and what to expect in 2021.
• Insider Intelligence publishes hundreds of research reports, charts, and forecasts on the Banking industry with the Banking Briefing. You can learn more about subscribing here.

As the coronavirus crisis stretches into its 10th month in the US, digital remains the most accessible and convenient way for many customers to do their banking. New users have now had ample time to try digital tools—and build long-term habits around using them. Chase recently took a closer look at these trends and how digital channels are becoming a bigger part of consumers’ lives in its Digital Banking Attitudes Study.

Insider Intelligence spoke with Allison Beer, head of digital at Chase, about the study’s findings, how the bank accommodated a higher volume of digital users this year, and what to expect in 2021.

The following has been edited for brevity and clarity.

Insider Intelligence (II): Your study shows that 54% of consumers are using digital banking tools more this year than they did last year, due to the pandemic. Are you seeing this uptick across the board?

Allison Beer (AB): Yes, customers across all age groups have been banking digitally more frequently because of COVID-19. Since the start of the pandemic, half of our new digitally active customers are over 50 years old.

II: What did Chase do to smooth the onboarding process for new digital users?

AB: We design our digital features to be as intuitive as possible for our customers so that they can immediately start managing their money once they log in to their account for the first time. We also have aHelpful Tips page with videos on how to use features in the Chase mobile app or on our website.

II: Are there any tools in particular that have seen higher engagement?

AB: Enrollment in Autosave grew by 77% from November 2019–2020. The total amount saved by our customers using Autosave has tripled in 2020 compared to the year prior, and during the same period, customers saved on average 15% more using the feature. [Editor’s Note: Autosave lets customers set a savings goal, as well as the frequency and amount they’d like to contribute to that goal. The tool then automatically transfers the funds into their savings account per the guidelines.]

II: Chase expects consumers to continue using digital banking tools more frequently in 2021. What impact will the increased use of digital have on branches?

AB: We don’t expect a significant impact. The majority of our branches have remained opened since the start of the pandemic. While our customers banked more digitally during COVID-19, they also continued to visit our branches, as many people want the personal interaction that comes from meeting with their banker or financial advisor.

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