The news: In EMARKETER’s “US Consumer Banking Habits” survey, 13.8% of Gen Zers and millennials said AI tools (e.g., ChatGPT, Gemini, and Claude) help them become aware of banking products compared with 4.3% of Gen Xers and baby boomers.

Zoom in: While AI tools remain a relatively small source of banking product discovery, they are already punching above their weight among younger consumers: 13.8% of Gen Zers and millennials say AI tools help them find banking products. 

That trails established discovery channels like bank mobile apps (80.3%), bank websites (57.6%), social media (37.2%), and search engines (24.9%). But AI has already surpassed popular traditional advertising mediums such as print (7.3%) and podcasts (7.9%).

Why this matters: The comparison is notable, because large language models (LLMs) are still in the early stages of consumer adoption. Consumers have spent decades using search engines and social media platforms to research products. But while widespread use of genAI is only a few years old, it has already become a meaningful discovery channel for younger adults.

Looking ahead, AI's role in banking awareness is likely to grow, particularly as emerging generations grow into banking users. 

Implications for banks: EMARKETER's “AI Visibility Index” found that certain financial institutions already appear disproportionately often in AI-generated recommendations. For example, Capital One led overall financial services rankings, and category leaders Klarna, Coinbase, and PayPal dominated specific product areas.

The survey data and Visibility Index tell two sides of the same story: Younger consumers are beginning to use AI tools to discover banking products, while some brands are better positioned to be discovered than others. For banks, that illustrates the importance of AI visibility strategies. 

Institutions frequently surfaced in AI-generated recommendations would likely gain an early advantage in awareness and consideration, while those that fail to appear risk exclusion from consumers' initial options. As AI adoption grows, success may depend on ensuring products are competitive and discoverable in the AI platforms consumers increasingly use for financial decisions.

This content is part of EMARKETER’s subscription Briefings, where we pair daily updates with data and analysis from forecasts and research reports. Our Briefings prepare you to start your day informed, to provide critical insights in an important meeting, and to understand the context of what’s happening in your industry. Non-clients can click here to get a demo of our full platform and coverage.