Executive Summary

Inflation, rising energy costs, and supply chain slowdowns have soured the economic outlook for US consumers and businesses. But prioritizing customer needs and maintaining a long-term perspective on technology investments will enable incumbent banks to weather the storm.

Key Question: How should banks adjust their strategies amid uncertain economic conditions?

KEY STAT: About one-third of adults worldwide said they look to their bank when seeking financial education, per a July 2021 EPAM survey. We expect consumers will have more questions than ever as a recession approaches, so banks should ensure they have the technological and operational resources to assist their customers.