• 15-JAN-2012

  • SOURCE: PricewaterhouseCoopers LLP

Digital Banking to Be the Norm by 2015

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Digital banking is set to overtake branch networks as the main way customers interact with their bank by 2015. This is according to a new PwC report 'The new digital tipping point', which suggests that banks are missing a vital new source of revenue growth as they have been too slow to respond to the digital innovations that have radically changed business models and redefined customer experience. This is despite strong demand for digital banking products from consumers and the fact they are willing to pay for these.

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.


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