Mobile Banking for the Masses: From Zoomers to Boomers

Mobile banking has rapidly become the preferred method for managing finances, surpassing traditional banking methods. According to the American Bankers Association, U.S. consumers have been using mobile apps for banking more frequently than any other method for four consecutive years. This trend is expected to continue as consumers demand a seamless and efficient mobile banking experience. In this blog, explore the growth and engagement of mobile banking across different generational groups and the mobile app retargeting practices that win based on these trends.

Overall Growth and Engagement

According to research by MX, Mobile banking app usage is widespread, with 68% of all U.S. consumers viewing or managing their accounts via apps. A significant 45% of consumers perform finance-related tasks on a mobile app at least once per day, and 48% have three or more finance-related mobile apps installed on their phones. The most common activities include checking balances (91%), transferring money (62%), depositing checks (54%), transferring money to a friend (46%) and scheduling bill payments (38%). The demand for mobile banking apps is so strong that 72% of U.S. consumers prefer managing their finances online or through a mobile app.

Gen Z: Digital Natives Leading the Charge

Known for their digital savviness, Gen Z has embraced mobile banking with open arms. This generation is the most active users of mobile banking, with 89% of Gen Z consumers using apps to undertake financial tasks. They are particularly inclined towards payment apps, with 43% performing finance-related tasks on a mobile app daily. Most Gen Z users have 1-2 finance-related apps, but a notable 49% have 3 or more finance-related apps. Gen Z values features like connecting outside financial accounts, integration with digital wallets, and the ability to order personalized cards.

Millennials: FinTech Enthusiasts

Millennials are the second-highest most active users of mobile banking, with 84% managing their finances via apps. A significant 58% of Millennials perform finance-related tasks daily, and 85% do so weekly. They are also the most likely to have multiple finance apps, with 63% having three or more. A notable 15% of Millennial users have 6 or more fintech apps on their smartphone. Millennials prioritize features such as personalized cards (41%), opening new accounts online (29%), and the ability to issue virtual cards instantly (29%). Their preference for mobile banking is so strong that 75% would switch financial providers if their current one failed to meet their fintech needs.

​​

Gen X: The Digital Adapters

Gen X has shown a strong adoption of mobile banking, with 71% using mobile apps to view or manage their accounts. They are actively engaging with finance-related mobile apps, with 43% performing tasks at least once a day. Nearly half (49%) of Gen X consumers have 3 or more finance-related mobile apps on their phones. When it comes to desired features, Gen X prioritizes: ordering personalized cards (41%), opening new accounts online (29%) and instantly issued virtual cards (29%). Gen X's preferences demonstrate their adaptability to digital banking while still valuing traditional banking features.

Baby Boomers: Gradual Adoption

While Baby Boomers are slower to adopt mobile banking compared to younger generations, their usage is steadily increasing. Currently, 39% of Baby Boomers use mobile apps for banking. A significant portion of this generation still prefers traditional banking methods, with 23% never using apps for financial tasks. However, those who do use mobile banking appreciate features like digital wallet integration (45%) and the ability to instantly issue virtual cards (45%).

Mobile App Retargeting Tips by Generation

Here are mobile app retargeting campaign tips based on each generation’s mobile banking engagement and behavior!

Gen Z

Gen Z is highly engaged with mobile banking, so consider creating targeted campaigns that emphasize the ability to connect outside financial accounts, as they value the convenience of managing multiple apps. To capture their attention, develop short-form video ads on platforms like TikTok or Instagram Reels that showcase quick tutorials on how to efficiently use various finance apps, particularly focusing on payment features and digital wallet integration. Highlight the option to order personalized cards to cater to their desire for customization and individuality.

Millennials

Millennials are the most active users of mobile banking, so focus on creating content that emphasizes the daily task management capabilities of your app. Consider running retargeting ads that highlight features for opening new accounts online and the instant issuance of virtual cards, as these are priorities for this generation. Additionally, promote the app’s ability to manage multiple finance accounts in one place, which resonates with their tendency to have several fintech apps. Use engaging visuals and testimonials in your ads to demonstrate how these features can simplify their financial lives.

Gen X

Gen X users appreciate the blend of traditional and digital banking, so create campaigns that focus on the ease of transitioning from traditional financial methods to mobile banking. Develop content that highlights personalized card ordering options and the ability to open new accounts online, as these features are particularly appealing to them. Consider retargeting ads that demonstrate how mobile banking can complement their existing banking habits by showcasing user-friendly interfaces and practical benefits, such as time savings and improved financial management.

Baby Boomers

For Baby Boomers, it’s essential to emphasize the security and reliability of mobile banking in your campaigns. Create content that highlights simple and essential features, such as balance checking and money transfers, to appeal to their preference for straightforward functionality. Additionally, focus on the benefits of digital wallet integration and the convenience of instant virtual card issuance. Use retargeting ads that offer step-by-step guides on basic mobile banking functions, addressing any hesitations they may have about adopting new technology, and reassuring them of the safety and ease of use.

Key Takeaways

• Financial app usage is growing across all generations, with 68% of U.S. consumers using mobile banking apps.
• Gen Z and Millennials lead in financial app adoption, with 89% and 84% usage respectively.
• Gen X shows strong adoption at 71%, while Baby Boomers are gradually increasing usage at 39%.
• Each generation has unique preferences and priorities for FinTech features.
• Tailored retargeting strategies are crucial for effectively re-engaging users across different age groups.
• Short-form video content is particularly effective for reaching younger generations.
• Security and ease of use remain top priorities across all age groups.

Ready to supercharge your financial app's user engagement across generations? Partner with YouAppi to implement data-driven, personalized retargeting campaigns that resonate with each age group.