EPAM highlights AI success with a 96% consumer satisfaction rate – but usage remains low

The key takeaway of the fourth annual EPAM Continuum Consumer Banking report is ongoing satisfaction with banks globally. This is driven largely by good customer service, reputation and local presence.

However, EPAM notes that banks now an increasing demand to provide more personalised digital experiences. Additionally, consumers crave the best of both worlds – human touch and digital integration.

EPAM Continuum is the integrated business, technology and experience consulting practice of EPAM Systems. The report covers key banking geographies, including Australia, Canada, Germany, Hong Kong, Italy, Saudi Arabia, Singapore, the UK and US.

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. Discomfort is highest among older demographics.

“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,” says 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.”

Dennis Joosten, Senior Director Banking for EMEA, discusses key findings of the report.

RRI: What does the report tell us about how happy consumers are with their current primary bank?

Joosten:

Four fifths are happy with their bank – driven by good customer service. Having access to a local branch (36%) and brand trust and recognition (36%) are the leading factors in choice of bank for their primary account. This is along with the bank providing good benefits (28%), offering a good digital experience (20%) and their family or friends using them (20%). Overall, four fifths (86%) say they are happy with their current bank account.

Read the full interview here.

Read the 2024 Consumer Banking Report here.