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The Drivers of Change and Emerging Opportunities in Financial Services

Our Purpose

Since 1993, EPAM has leveraged its software engineering expertise to become a leading global product development, digital platform engineering, and top digital and product design agency. EPAM’s global multi-disciplinary teams serve customers in more than 45 countries across five continents.

Our purpose is to enable our customers to be competitive and disruptive in the marketplace. We accomplish this through our best in-class engineering combined with strategy, consulting and innovation services.

When it comes to the financial services industry, we understand that retail banking is evolving at an unprecedented pace. Customer, competitive, industry and technology forces are shaping the future of banking with the customer in control, seeking banking experiences seamlessly integrated into their daily lives. 

The Push

Technologies we have been discussing for more than a decade have finally matured. ML, AI, IoT, Data Science, 5G, and Cloud Computing are driving rapid changes and shifting expectations of experiences.

The Pull

Customers and employees are becoming more digitally demanding. Digitally native Millennials have taken over the workforce and have spending power. Gen Z is right on their heels. Meanwhile, older generations are more tech-savvy than ever before.

The Accelerators

At the same time cultural trends and Covid-19 have accelerated changes and disruption across industries for customers and employees. The pace of change has never been this dramatic.

To stay competitive, retail banks need a comprehensive understanding of these emerging customer trends. Equally important, they need a holistic plan of action that addresses this change head on in order to build and maintain a competitive advantage. Here at EPAM, we see six key areas of opportunity which we view as critical for future success within the financial services industry:


In today’s world of hyper-personalization, mixed reality and seamless experiences, the world of banking is moving away from direct contact to multiple distributed touch points, micro-interaction and transparent orchestration across service providers. How will you manage the customer journey through this distributed environment? 


Customers demand seamless, intelligent and transparent payment methods and banking practices that align with their digital lives. Is your organization prepared to keep pace?


APIs and emerging standards are driving an ecosystem of fragmented service providers that disrupt and grow within every niche of the financial services landscape. Platform and aggregator business models are rapidly expanding, and consumers are adopting services from multiple providers. How do you compete in this environment?


Agile and resilient infrastructure is essential to cope with customer and regulatory demand for rapid change. Cloud-native architectures are quickly becoming predominant in banking – not only for digital channels, but also your core bank and automated operational platform. Is your infrastructure and IT organization capable of meeting these demands?


Data is the lifeblood of the digital economy; hyper-personalized experiences, pinpoint accurate recommendations, and tailored financial guidance all depend on precise, instantaneous and pro-active application of your data. Are you leveraging the value of your data to compete?


Your business needs to instill the technology and processes necessary to stay ahead of numerous rapidly evolving cyber threats. Are you taking steps to defend against the reputational and financial threat of new and emerging security risks?

Without access to an unlimited technology budget, competing, innovating and disrupting within this landscape can feel like a daunting task. EPAM is here to help level the playing field. Speak with our financial services industry experts to find out how.