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Chase: Automation shapes 2021 savings habits

Bianca ChanbyBianca Chan
January 4, 2021
in All Posts
Reading Time: 1 min read
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Automated savings are poised to grow at Chase this year as numbers of new adopters and the usage of the bank’s Autosave tool climb.

Autosave is a tool that automatically transfers funds to a Chase savings account, allowing customers to choose how much to save and how often to contribute to their savings goal.

Total funds saved by users of the tool tripled year over year in 2020, and enrollment grew by 77% in November compared with the year prior, according to Allison Beer, Chase’s head of digital. In fact, 30% of Chase customers have a paycheck deposit or Autosave set up for direct-to-account savings, she said.

Allison Beer, head of digital at Chase. Image via Chase.

The $3.2 trillion dollar JPMorgan Chase released its Digital Banking Attitudes Study last month, which surveyed 1,500 consumers —750 Chase customers and 750 non-Chase customers — on their uses and digital banking preferences.

The study found that nine in 10 Autosave users found it to be a convenient way to save, with 84% of users planning to continue using the tool this year. Chase has increased its number of digitally active users by 6% year over year to 55 million, as of the third quarter of 2020.

In addition to Autosave, Chase’s consumer-facing automations range from Autopay, a tool that automates customers’ payments to credit card accounts, to its robo-advisor, which automatically matches consumers to a portfolio based on their risk tolerance and financial goals. “Set it and forget it is the trend for consumers,” Beer told Bank Innovation, adding that the bank is looking to “unlock” more automation, alleviating friction in such banking processes as opening accounts and setting up recurring payments.

Tags: JPMorgan ChasePremiumsavings
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