SOURCE: PricewaterhouseCoopers LLP
Digital Banking to Be the Norm by 2015
PwC conducted research with over 3,000 banking customers across nine developed and emerging markets and found that most consumers are willing to pay up to £10 a month for digital banking services if they believe they offer convenience and value. The research reveals that there is customer demand for innovative digital offerings such as social media notifications, an electronic wallet for loyalty cards and financial tools provided by banks and that these are the products consumers are most willing to pay for. In the UK, almost two thirds (65%) of respondents said they are willing to pay just over £4 a month for their bank to store loyalty card information and convert accumulated points into cash. This amounts to an annual fee income for banks of approximately £50 per customer. Available video includes an edited package.