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EPAM Continuum Releases Third Annual Consumer Banking Report




From reflections on in-person banking experiences to skepticism about cryptocurrency and the rise of integrated finance, EPAM Continuum uncovers consumer opinions and attitudes towards retail banking products and services

NEWTOWN, Pa., November 2, 2022 /PRNewswire/ — EPAM Continuum, the integrated business, technology and experience consulting practice of EPAM Systems, Inc. (NYSE: EPAM), today announced the release of its third annual Banking Services Report. to consumers, revealing changing attitudes, needs and expectations are reshaping the industry and changing the way banks compete to provide services in an increasingly competitive marketplace.

Access the full report here

Survey of 26,000 people in key banking geographies including US, UK, Canada, Germany, Netherlands, hong kong, Singapore and Australia – the report draws on the 2020 and 2021 editions of the survey to explore how consumer attitudes towards banking have changed over the past 12 months.

“Today’s banking and financial services organizations are experiencing economic volatility, consumer confidence issues, competitive pressures and unpredictable geopolitical conditions,” said Balazs Fejes, President of the EU and APAC markets at EPAM. “In response to rapidly changing market conditions, banking institutions must leverage customer loyalty and the strong foundation of trust they have built over decades to provide their consumers with basic banking services. stable and reliable. They must also focus on optimizing their technological and operational agility to drive personalization and stronger customer engagement, while reducing costs and improving innovation.”

Key Emerging Themes:

  • Consumers are adopting integrated financial products and services. With embedded finance becoming a popular trend in financial services, more than half of global respondents (51%) said they had used some form of embedded finance in the past 12 months. Twenty-two percent of respondents said they use Buy Now, Pay Later (BNPL) services, while 21% said they purchased insurance through various point-of-sale processes.
  • The use of branches remains significant. While consumers’ digital financial habits remain reasonably high, with 31% saying they use a banking app daily and 33% doing so weekly, survey respondents continue to view the physical branch as an important resource, with 85% saying they use a branch physical in the last year and 44% at least once a month. Of those who said they use the branch, 35% say they still like the face-to-face interactions that bank branches offer, 26% say it is easier to bank in person, while 32% visit a branch to use services that may not be accessible online.
  • Interest in cryptocurrencies and non-fungible Tokens (NFT) decreased. With Bitcoin fell to an 18-month low in June 2022and the crypto market itself losing close $1 trillion in value at its lowest point of the year, nearly a quarter of global respondents (28%) said they had purchased a crypto produced in the past year. Among those who have not invested, only 3 in 10 would consider doing so in the next 12 months.
  • The fragmentation of the banking experience continues. The entry of FinTechs and non-banking companies into the financial services sphere contributes to an unbundled and fragmented banking experience. Although 79% of respondents globally say they trust their primary bank the most for all their financial services, 77% say they use or hold, on average, two additional financial products, services or accounts with different providers than their account. main bank.

According to a recent Forrester report, “The competitive landscape continues to evolve as major non-bank brands seek to offer banking services to banks’ existing and large customer bases. These companies are expanding into banking to retain their customers. customers to their non-bank brands and strengthen their existing business models.” [1]

EPAM Continuum’s Annual Consumer Banking Report summarizes how these emerging trends, attitudes and behaviors could influence the future of banking across multiple demographics and geographies.


The data published in this report is based on a survey of 26,000 adults aged 18 and over in Australia, Canada, Germany, hong kong, the Netherlands, Singaporethe UK and United States. The survey was carried out between July 25 and August 2, 2022. The survey data was collected in partnership with Opinium Research.

To read the full 2022 Consumer Banking Report, visit:

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

[1] Forrester, “Consumer Banking Trends, 2022”, Alyson Clark, David Hoffman, Jacob MorganAurelie L’Hostis, Pierre WannemacherSohm Gough, Aaron Suiter, Diane Lynch, September 16, 2022


EPAM Continuum is the integrated business, experience, and technology consulting network within EPAM Systems, Inc.

EPAM Continuum’s diverse and integrated consulting teams apply a Systems Thinking mindset to get to the heart of our clients’ increasingly complex business challenges. Our business, experience, technology and data consultants work together to create holistic solutions that have meaningful and lasting impact for businesses, their employees and their customers. Consulting Magazine ranked EPAM Continuum in the top 20 fastest growing companies in 2022.

Learn more at and follow us on LinkedIn.


Since 1993, EPAM Systems, Inc. (NYSE: EPAM) has leveraged its legacy of advanced software engineering to become the world’s premier provider of digital transformation services, leading the industry in digital and physical product development and services. digital platform engineering. Through its innovative strategy; integrated advisory, consultancy and design capabilities; and a unique “engineering DNA”, EPAM’s hybrid teams deployed globally help bring the future to life for customers and communities around the world by powering better business, education and healthcare platforms that connect people, optimize experiences and improve people’s lives. In 2021, EPAM was added to the S&P 500 and included in the Forbes Global 2000 list of companies.

Selected by Newsweek as the most popular place to work in 2021 and 2022, EPAM’s global multidisciplinary teams serve clients in more than 50 countries on six continents. As a recognized leader, EPAM is among the top 15 information technology services companies on the Fortune 1000 and ranked four times as the best IT services company on Fortune’s 100 fastest growing companies list. . EPAM has also been named one of Ad Age’s 25 largest agency companies in the world for three consecutive years, and Consulting Magazine has named EPAM Continuum one of the 20 fastest growing companies.

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This press release contains estimates and statements that 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 is necessarily subject to risks, uncertainties and assumptions. as to future events which may not prove to be accurate. Our estimates and forward-looking statements are primarily 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. These future events and trends may relate to, among other things, developments related to the invasion of Ukraine, political and civil unrest or military actions in the geographic areas where we do business and operate, developments related to the pandemic of ongoing COVID-19, and the effect they may have on our revenues, operations, access to capital, profitability and customer demand. Other factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, risk factors discussed in the Company’s most recent Annual Report on Form 10-K, particularly under the headings “MD&A and Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” and other documents filed with the Securities and Exchange Commission. Although we believe that these estimates and forward-looking statements are based on reasonable assumptions, they are subject to several risks and uncertainties and are 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 required by applicable securities law.

SOURCEEPAM Systems, Inc.