By 2015 more people will interact with their banks digitally than through branches, and they'll be prepared to pay for the privilege, according to a global survey from PricewaterhouseCoopers.
The poll of 3000 people in nine countries shows that most 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 customers are willing to pay for social media notifications, an electronic wallet for loyalty cards and financial tools provided by banks.
Matt Hobbs, retail and commercial banking partner, PwC, says: "Generation Y are now choosing their main banking provider and represent an important source of future value for banks. Banks need to take their digital products to the next level if they want to secure these customers as they expect a rich digital experience that is both mobile and social and integrates their banking needs with their digital lives."
The survey reveals that the majority of respondents - 61% - still trust their banks over other providers with their current account, although new entrants, such as mobile payment providers, will act as a catalyst for change. This means banks may need to partner with technology, mobile and other non-traditional providers in order to deliver the digital experience customers now expect.
See our publications in this area:Mobile Payments 2012-2016Disruptive Mobile Applications and Services 2011-2015Google Wallet and the New Payments EcosystemA Practical Guide to Social Media in Financial ServicesBank to the Future