New Consumer Banking Report Offers Insights Into Rapidly Evolving Customer Behaviors Since The Pandemic
Press Release: October 14, 2021
Surveying 21,000 people across key banking regions—including the
"EPAM has been at the forefront of this exciting period of change, helping financial services companies keep pace with emerging technologies, rising customer expectations, ever-changing regulations and disruptive business models," said
In the report, EPAM provides a detailed look at how the global pandemic has affected consumer banking relationships, and highlights key emerging themes, including:
- Consumers are embracing the "unbundling" of financial services. While consumers aren't looking to make a wholesale switch away from traditional banks, over a third (36%) would rather use different financial providers for different needs, including investments and cryptocurrencies, money management and personal financial management and financial education and coaching.
- Thirst for information is growing and Gen Z is leading the charge. This year's survey identifies opportunities that are based on education and support. Gen Z customers (60%) reported that they would like their bank to give them advice on how to manage their money and would use their bank's physical branch more often if they were able to offer financial education, talks and interactive tools. Two out of every five are still using their banks' physical branch at least monthly.
- Ubiquitous banking comes of age. This year's report shows a leap in the number of people using voice-activated personal assistants to access financial services as well as an increased use of social platforms in financial activities. Over a third of respondents said they had used a personal assistant (e.g., Alexa, Google Home, Siri) for banking in the last year.
- Cryptocurrency: headline hype translates to genuine interest. Alternative investment platforms are now mainstream and there is a latent interest for cryptocurrency investment. Almost two fifths (38%) of all adults are willing to consider cryptocurrency, and over a third (36%) of Gen Z want their bank to offer cryptocurrency investment options.
EPAM Continuum's Consumer Banking Report summarizes how these emerging trends, attitudes and behaviors might influence banking's future across multiple demographics and geographies.
The data published in this report is based on a survey of 21,028 adults aged 18+ in the
EPAM Continuum is EPAM's service brand for integrated business, experience and technology consulting focused on accelerating breakthrough ideas into meaningful impact. Learn more at www.epam.com/epam-continuum and follow us on LinkedIn.
This press release includes 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. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed in our most recent Annual Report on Form 10-K and other filings with the
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Amber Rasmussen, O: +1-971-337-9648, E: Amber_Rasmussen@epam.com