"By agreeing to use our mobile application, you may receive notifications periodically." That is self-evident by the very nature of this thread. Yes, we know the application produces notifications (marketing, two-factor authentication challenge response tokens for logging into a customer portal, etc.), thanks for confirming what we already know about the application.
What would help is having the application developers introduce an option or category to disable the marketing advertisements.
I would suggest taking into consideration the user experience when developing mobile applications and giving users the ability to tailor their advertising experience so that users can choose to opt-out from receiving advertisements, but still receive other notifications such as the two-factor authentication challenge response token.
I'll just uninstall the application and be sure to give the app the lowest rating on the Google Play store review.