“In the report, EPAM provides a detailed look at how the global pandemic has affected consumer banking relationships, and highlights key emerging themes, including:
1. 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.
2. 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.
3. 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.
4. 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.”