Report underscores increasing consumer
expectations for enhanced digital capabilities, with the emergence
of fintech disruptors offering more personalized and convenient
digital experiences
NEWTOWN,
Pa., Feb. 20, 2024 /PRNewswire/ -- EPAM
Continuum, the integrated business, technology and experience
consulting practice of EPAM Systems, Inc. (NYSE: EPAM), a
leading digital transformation services and product engineering
company, today announced the release of its fourth annual
Consumer Banking Report, revealing ongoing satisfaction with
banks globally amid rising consumer expectations for digital
capabilities and personalization.
The 2024 survey of adults across key banking geographies,
including Australia, Canada, Germany, Hong
Kong, Italy, Saudi Arabia, Singapore, the U.K. and the U.S., found that
overall satisfaction with primary banks remains high – driven
largely by good customer service, reputation and local presence.
However, the research also found that banks now face ever-rising
competition from fintech disruptors and an increasing demand to
provide more personalized digital experiences. Additionally,
respondent feedback shows consumers crave the best of both worlds –
human touch and digital integration.
"In the face of rapidly changing market dynamics, marked by high
interest rates, inflationary pressures and market volatility, banks
have managed to uphold elevated levels of trust and customer
satisfaction," said Balazs Fejes,
President of EU and APAC Markets at EPAM. "To remain competitive in
this evolving climate, banks must embrace automation for improved
personalization and engagement across all customer channels,
leveraging AI for operational efficiency and forging technology
partnerships to drive innovation and cost reduction."
Key emerging themes:
- Trust in banks remains high (79%) when it comes to investing
money, handling finances and keeping data safe. However, 30%
(rising to 37% for those 18-34) are still considering changing
banks in the next 12 months, lured by better rates and rewards
elsewhere.
- Usage of bank branches remains high, with 86% visiting in
the past year, mainly for deposits and cash access. This is
despite respondents' awareness that most services are available
digitally, revealing a lingering discomfort with moving to fully
digital or remote banking.
- Instant payments (78%) and digital access to a
banker or concierge (64%) are deemed the most
important services banks can offer over the next three years,
with respondents showing an appetite for more financial advice and
money management support from banks.
- Uptake of AI banking tools remains low (21%), but
satisfaction is high among those who have used these tools
(96%). However, 57% would not feel comfortable acting on AI
financial recommendations, with discomfort being the highest among
older demographics.
- Three-quarters of consumers (74%) use an average of two to
three financial providers in addition to their primary bank,
especially for credit cards, savings and checking or withdrawals,
with 25% using third-party money management apps.
Insights from EPAM's 2024 Consumer Banking Report reflect
findings from a recent 2024 Forrester banking predictions report.
The Forrester report states, "In 2024, we see risks to banks
retaining deposits as they strain to maintain profit margins.
Likewise, hot yet unproven AI technologies could cause as many new
problems as solve old ones. Regulators will have to (re)act. Banks
in the US will have to focus on open banking as regulators finally
put it on the agenda. Despite the knock-on effects of trepidation
in capital markets, intrepid fintechs will create niche products
and journeys for niche segments." 1
The fourth annual Consumer Banking Report by EPAM
Continuum summarizes emerging trends, attitudes and behaviors,
illustrating their potential impact on the future of banking across
various demographics and geographical locations.
To read the full 2024 Consumer Banking Report, visit:
epam.com/2024-banking-report.
To learn more about EPAM Continuum's integrated business,
experience, technology and data consulting practice, visit:
www.epam.com/epam-continuum.
Learn how EPAM helps financial services companies keep pace
with emerging technologies, rising customer expectations and
ever-changing regulations:
www.epam.com/industries/financial-services.
Methodology
The data published in this report is based
on a survey of 9,000 adults aged 18+ in Australia, Canada, Germany, Hong
Kong, Italy, Saudi Arabia, Singapore, the U.K. and the U.S. The survey
was conducted between October 23 and October
27, 2023. Survey data was collected in partnership with
Opinium Research.
ABOUT EPAM SYSTEMS
Since 1993, EPAM Systems, Inc. (NYSE: EPAM) has used its
software engineering expertise to become a leading global provider
of digital engineering, cloud and AI-enabled transformation
services, as well as a leading business and experience consulting
partner for global enterprises and ambitious startups. We address
our clients' transformation challenges by fusing EPAM Continuum's
integrated strategy, experience and technology consulting with our
30+ years of engineering execution to speed our clients' time to
market and drive greater value from their innovations and digital
investments.
We deliver globally, but engage locally with our expert teams of
consultants, architects, designers and engineers, making the future
real for our clients, our partners and our people around the
world.
We believe the right solutions are the ones that improve
people's lives and fuel competitive advantage for our clients
across diverse industries. Our thinking comes to life in the
experiences, products and platforms we design and bring to
market.
Added to the S&P 500 and the Forbes Global 2000 in 2021 and
recognized by Glassdoor as a Best Workplace in 2023 and 2024, our
multidisciplinary teams serve customers across six continents. We
are proud to be among the top 15 companies in Information
Technology Services in the Fortune 1000 and to be recognized as a
leader in the IDC MarketScapes for Worldwide Experience Build
Services, Worldwide Experience Design Services and Worldwide
Software Engineering Services as well as a leader in the 2023
Gartner® Magic Quadrant™ for Custom Software
Development Services, Worldwide.*
Learn more at www.epam.com and follow us on LinkedIn.
*Gartner does not endorse any vendor, product or service
depicted in its research publications, and does not advise
technology users to select only those vendors with the highest
ratings or other designation. Gartner research publications consist
of the opinions of Gartner's research organization and should not
be construed as statements of fact. Gartner disclaims all
warranties, expressed or implied, with respect to this research,
including any warranties of merchantability or fitness for a
particular purpose.
Forward-Looking Statements
This press release includes
estimates and statements which may constitute forward-looking
statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, the accuracy of
which are necessarily subject to risks, uncertainties, and
assumptions as to future events that may not prove to be accurate.
Our estimates and forward-looking statements are mainly based on
our current expectations and estimates of future events and trends,
which affect or may affect our business and operations. These
statements may include words such as "may," "will," "should,"
"believe," "expect," "anticipate," "intend," "plan," "estimate" or
similar expressions. Those future events and trends may relate to,
among other things, developments relating to the war in
Ukraine and escalation of the war
in the surrounding region, political and civil unrest or military
action in the geographies where we conduct business and operate,
difficult conditions in global capital markets, foreign exchange
markets and the broader economy, and the effect that these events
may have on customer demand and our revenues, operations, access to
capital, and profitability. Other factors that could cause actual
results to differ materially from those expressed or implied
include general economic conditions, the risk factors discussed in
the Company's most recent Annual Report on Form 10-K and the
factors discussed in the Company's Quarterly Reports on Form 10-Q,
particularly under the headings "Management's Discussion and
Analysis of Financial Condition and Results of Operations" and
"Risk Factors" and other filings with the Securities and Exchange
Commission. Although we believe that these estimates and
forward-looking statements are based upon reasonable assumptions,
they are subject to several risks and uncertainties and are made
based on information currently available to us. EPAM undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise, except as may be required under applicable securities
law.
1 Forrester, "Predictions 2024: Banking",
Jacob Morgan, Aurelie L'Hostis,
Alyson Clarke, Peter Wannemacher with David Hoffman,Laura
Koetzle, Sohm Gough, Kerstin
Wehmeyer, Aaron Suiter,
Jen Barton, October 30, 2023
View original content to download
multimedia:https://www.prnewswire.com/news-releases/epam-continuums-2024-consumer-banking-report-highlights-ai-success-with-a-96-satisfaction-rate-302065213.html
SOURCE EPAM Systems, Inc.