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EPAM Continuum's 2024 Consumer Banking Report Highlights AI Success with a 96% Satisfaction Rate

Press Release

EPAM Continuum's 2024 Consumer Banking Report Highlights AI Success with a 96% Satisfaction Rate

Report underscores increasing consumer expectations for enhanced digital capabilities, with the emergence of fintech disruptors offering more personalized and convenient digital experiences

NEWTOWN, PA, USA, February 20, 2024 – 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:

To learn more about EPAM Continuum's integrated business, experience, technology and data consulting practice, visit:

Learn how EPAM helps financial services companies keep pace with emerging technologies, rising customer expectations and ever-changing regulations:


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


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.*

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