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.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The 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.