In summary, it highlighted that younger demographics are pivotal drivers behind the increased utilization of person-to-person (P2P) payments and interest in innovative technologies.
A survey conducted among 2,000 US adults with banking relationships at the beginning of February 2025 indicated that 67% have now engaged in P2P services such as splitting bills or sharing expenses. This represents a significant increase from the reported 40% in 2020.
Digital banking apps continue to be extensively utilized, with 78% of respondents accessing mobile banking at least once a week. Furthermore, 62% consider these applications essential for their daily financial routines.
Millennials spearhead the trend toward new financial technologies
Millennials lead in adopting various digital banking features. Three-quarters of this age group stated they use P2P services, a 21-percentage point rise from 2020 levels. Additionally, 79% of Millennials utilize tools for monitoring their credit scores.
A significant number of younger respondents also expressed interest in incorporating advanced technologies like AI, virtual reality, and other digital enhancements into their banking experiences. For instance, 49% of Millennials and 45% of Gen Z participants indicated they would be open to using AI-based financial assistants for future applications.
Overall, 39% of the survey respondents expressed a willingness to consider AI for managing their finances in the coming years. Across all generations, 85% of participants preferred managing banking activities through a single app.
Chase representatives noted that the use of its mobile app has been growing steadily over the past five years, with over 80 million users now accessing the platform. The institution reported annual user growth of approximately 8% to 10% during this period.