Vast Majority of Consumers 18-42 Say Mobile Apps are Channel Where They Learn of Offerings

NEW YORK—Nearly 80% of U.S. banking consumers ages 18 to 42 cited mobile banking apps as a channel where they became aware of an FI’s offerings, according to a new report.

Citing its October 2023 US Banking Consumer Habits survey, eMarketer reported that percentage “far outweighs the proportions who cited other channels like bank websites (58.4%) and social media (37.4%).”

Even among banking consumers ages 43 to 77, more than half became aware of products and services via mobile app, eMarketer added. ‘

“That means encouraging greater app usage will help banks maximize cross-marketing opportunities,” eMarketer stated..

Print (16.6%) and TV ads (24.5%) are far less effective at driving awareness, according to the study. Bank branches (54.8%), word of mouth (40.3%) and direct mail (30.2%) are more effective than print or TV, the study shows.