Consumers in the UK would be willing to pay around £4.20 a month for digital banking services, according to a survey from PricewaterhouseCoopers. 66 per cent, meanwhile, would be willing to pay for a Twitter or Facebook notification of a transaction.

The New Digital Tipping Point predicts that digital banking will overtake branch networks as the main way that customers deal with their banks by 2015. Emerging markets are “leapfrogging” online banking, the report claims, and going straight to mobile.

Olof Schyberson, CEO of digital service design agency Fjord, which specialises in creating digital banking services, says: “The New Digital Tipping Point report highlights the opportunity for banks to provide a more transparent, user-friendly offering through innovative digital banking services. We are now entering the mobile banking era, and while some mobile banking apps are effective, it could be argued that they are not yet mainstream. Over the next couple of years this will be an area we will see taking off, as well-designed services are created and security concerns are quashed. In the age of the mobile wallet, customers will be attracted to those banking services which are well-designed with their busy lives in mind: customers today want to check their balance or access their information with one simple gesture.”