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Digital banking: the 'norm' by 2015?

Published 18 January 2012 by

Technology is growing at a rapid pace, quickly altering many areas of our lives: from the way we shop and keep in contact with friends, to the way we manage our money.

Digital banking is set to overtake bank branches as the most popular way for customers to interact with their bank by 2015, according to a new report by PricewaterhouseCoopers (PwC). Their new report, 'The new digital tipping point', indicates that there is 'strong demand' for digital banking products from consumers - and what's more, many people are willing to pay for them.

PwC surveyed more than 3,000 banking customers worldwide, and found that most people are willing to pay up to £10 a month for digital banking services they believe will offer convenience and good value. These services include social media notifications, 'electronic wallets' for loyalty cards and other helpful financial tools offered by banks.

Here in the UK, nearly two thirds (65%) of banking customers said they'd be willing to pay just over £4 a month for their bank to store loyalty card information, and convert any points built up into cash.

Furthermore, the research found that growing numbers of people are using mobile phones and the internet to access financial products. 69% of consumers surveyed said they currently use the internet to buy financial products, and though only 33% said they use their mobiles to do this, the numbers are expected to rise.

As this research shows, many people are prepared to pay for their bank account if it comes with services and extras they feel will benefit them.

There are various accounts out there that charge an upfront fee in return for additional services that could help you manage your money. The thinkmoney Personal Account, for example, comes with online and mobile account management services, and offers a built-in budgeting service (£17.50 per month for a single account, £24.50 per month for a joint account.)

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