Overall customer satisfaction with primary banks remains high, according to the business, technology and experience consulting practice of EPAM Systems.
The fourth annual Consumer Banking Report from EPAM Continuum notes this is driven largely by good customer service, reputation and local presence. The conclusion is set against the backdrop of rising consumer expectations for digital capabilities and personalisation.
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The 2024 survey incorporates key banking geographies. These include Australia, Canada, Germany, Hong Kong, Italy, Saudi Arabia, Singapore, the UK and the US.
Increasing demand for more personalised digital experiences
However, the research also found that banks now face ever-rising competition from fintech disruptors. In addition, there is and an increasing demand to provide more personalised 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 personalisation and engagement across all customer channels. And leverage AI for operational efficiency and forge technology partnerships to drive innovation and cost reduction.”
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By GlobalDataKey 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. Respondents also show 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. Some 25% are using third-party money management apps.
