Rohan Amin,
Chief Product Officer, Chase

This year, as individuals across all segments of our society continued to navigate the pandemic, we were forced to examine our day-to-day behaviors more closely. This included how we bank and achieve our own—highly personal—financial goals.

According to a study Chase conducted last year, 54% of consumers agreed that they used digital banking tools more in 2020 than they did the previous year. As of Q3 2021, Chase had nearly 58 million digitally active (+6% YoY) and over 44 million mobile active (+10% YoY) customers.

Digital banking was more popular than ever in 2021, and we expect that small business owners and consumers’ digital engagement with banks will continue to accelerate in 2022 because of four key trends.

1. Technology That Puts Consumers & Small Business Owners in Control

More than ever, our customers are empowered to track their money habits from their mobile app. Consumers and small business owners expect their banks to go beyond traditional account offerings and provide reliable tools and resources to help them understand and improve their financial health. This includes giving them a lightning-fast overview of where their money is and how it’s being used, available at their fingertips.

Actions such as depositing checks, sending money, investing, exploring refinancing options for their mortgage and managing car payments are all things consumers want to do from their phone. Consumer demand for digital features that make managing their financial life easier are driving innovation from fintech startups with a few thousand users to banks like Chase that serve more than 60 million households.

Consumers and small business owners will demand more personalization, leading to hyper-personalized features that deliver tailored experiences based on real-time dynamic signals about every customer’s individual needs and profile. Key to those efforts will be clear segmentation. At Chase, we are hard at work to reach this objective across all of our businesses.

2. Design Will Command the Digital Banking Stage

Beautiful, functional, and intentional design has become increasingly important to consumers as they embrace digital platforms to manage even more aspects of their personal and professional lives, from streaming entertainment and shopping, to setting up small businesses and managing budgets.

Today, it is critical that companies design experiences that help customers solve their problems and make the most of their lives with clarity and confidence, especially in a market crowded with alternatives. This is one of the main reasons why Chase has reorganized into a design-driven, product-focused organization, deepening the collaboration between product, technology, data and design teams. This not only helps us rapidly deploy new or enhanced digital features, but ensures that they are designed in a way that is both beautiful and functional from the start.

Just as technology has helped improve the customer experience across all industries, including banking, the race for better design is helping make digital banking easier to use and more engaging.

3. Omni-Channel Experience: Banking on Your Terms

Everyone wants access to great customer experiences, and brands that go the extra mile to better understand their customers’ needs end up forming a deeper bond with them. When done right, an omni-channel experience gives consumers increased flexibility and convenience.

Technology will continue to bridge the gap between physical and digital experiences. What we’ve seen throughout the pandemic is that while our customers have been engaging more digitally with us than ever before, they have continued to rely on personal connections with their banker and advisor. Chase makes those connections easy for customers by offering a “Meeting Scheduler” feature within the mobile app, enabling them to schedule in-person meetings in just a few seconds.

But many consumers and small business owners also want to do things on their own, which is why self-serve options will continue to evolve, giving customers the ability to confidently achieve their goals by using their mobile app, if they don’t want to speak to a customer service specialist.

When they do want to speak to an employee, those customer service specialists will also be benefiting from more technology to help them further improve the customer experience over the phone. Artificial intelligence, machine learning and voice biometrics will play an even greater role in helping specialists quickly authenticate a customer and address their questions faster and more efficiently.

4. Real-Time Payments Continue to Rise to the Top

When it comes to getting paid, speed and accuracy are of the utmost importance. Consumers want to get their money in less than a New York Minute – and not a second later.  People working in the gig economy, for example, may want to get paid at the end of their shift and employers are able to meet such needs by sending the funds through a real-time payment network directly into their bank account.

One recent innovation in the real-time payment space is JPMorgan Chase’s Request for Payment (RFP) service that was launched this year by our firm’s Corporate & Investment Bank. It lets our corporate clients send RFPs to Chase’s eligible digitally active customers to authorize the payment, cutting the cost and time it takes for those companies to get paid.

It’s not just companies who benefit from this service. Consumers will also be able to receive their bills (in the form of RFPs) directly into their bank’s app or website, and authorize their bank to pay them instantly, including on weekends or holidays. For example, a utility bill could be sent through the utility’s bank as an RFP directly to a customer via the Chase mobile app or website. The customer could then see not just what they owe but understand their usage and the cost breakdown for the service, and have the ability to authorize payment of that bill (full or partial) instantly and securely.

2022: The Digital Banking Train Moves to the Next Station

The new year will bring incremental changes to the digital banking landscape. With demand at an all-time high, the need to surprise and delight customers with helpful digital features and seamless experiences will be key for banks in maintaining an edge on their competitors.

At Chase, we continue to make significant investments into our digital capabilities to create experiences that make it easier for our customers. to manage their money 24/7 from their phone or computer. We’ve got a lot cooking in the new year, and we can’t wait for our customers to start using our next generation of products.