The report suggests that digital banking will become the main way of managing finances – overtaking physical bank branches – by 2015.
Of the 3,000 bank customers asked across the globe, 69 per cent said they already use the internet to access financial services, while 33 per cent utilise mobile banking. However, banks are lagging behind and must step up their digital offerings to attract Generation Y customers – those born in the 1980s or 1990s – as demand increases.
The PwC report faults banks for failing to cash in on this demand already, noting that consumers are willing to pay as much as £10 for extra digital banking services such as social media notifications.
Stephen Whitehouse, banking partner at PwC, said: “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.”