Digital banking is set to overtake the branch
channel as the main way customers interact with their bank by 2015,
according to a report from the consultants PricewaterhouseCoopers
(PwC).
The survey, ‘The new digital tipping point’,
reports that consumers are willing to pay up to £10 ($15.30) a
month for digital banking services, if they believe they offer
convenience and value.
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In particular, the report says that customers
are willing to pay for social media notifications, an electronic
wallet for loyalty cards and financial tools provided by banks.
Stephen Whitehouse, retail and commercial
banking partner at PwC, said:
“Despite customers’ appetite for new and innovative digital banking
offerings, and the fact they are willing to pay for these, the
majority of banks still only provide basic mobile and internet
banking services.
“Banks are clearly missing a trick if they
don’t start to invest in their digital offerings and only see
digital as a way to reduce costs.”
Whitehouse said that banks had been too slow
to embrace the digital innovation customers now expect from other
industries, such as retail or travel.
“The lack of investment is perhaps even more surprising considering
banks are struggling to grow revenues at a time of increased
regulation and a difficult economic environment. Digital products
are a significant opportunity for banks to grow revenues and serve
their customers in a way that they want.”
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By GlobalDataThe report was based on responses from over
3,000 banking customers across nine markets: Canada, China, France,
Hong Kong, India, Mexico, Poland, the UAE and UK.
