Data Drop: 3 Charts on the Value of Mobile Banking Apps

For banks, the significance of mobile apps can get lost in the scramble to simply keep up with customer demands. But these apps are a key touchpoint. Here are three charts that reveal the importance of mobile banking apps and why banks should expand their functionality.

Mobile banking apps expose consumers to new products

Nearly 80% of US banking consumers ages 18 to 42 cited mobile banking apps as a channel where they became aware of a bank’s offerings, per our October 2023 US Banking Consumer Habits survey. That 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. That means encouraging greater app usage will help banks maximize cross-marketing opportunities.