New research into mobile banking out of consultancy PwC hasgenerated two bold-faced headlines: mobile banking will be the normby 2015 and consumers will be willing to pay up to $15 per monthfor mobile banking services that offer convenience and value.

Key to the PwC research is its prediction that by 2015 mobile will overtake branch networks as the dominant channel ofcustomer interaction with financial institutions.

Another finding is that the bar is getting raised: to attractGen Y customers, financial institutions need to improve theirdigital banking products.

The PwC research is based on a survey of 3,000 customersglobally.

In a statement, PwC elaborated on exactly what it believescustomers will pay for: “The research reveals that customers arewilling to pay for social media notifications, an electronic walletfor loyalty cards and financial tools provided by banks.”

Stephen Whitehouse, retail and commercial banking partner atPwC, said: “Despite customers' appetite for new and innovative digital bankingofferings, and the fact they are willing to pay for these, themajority of banks still only provide basic mobile and Internetbanking services. Banks are clearly missing a trick if they don'tstart to invest in their digital offerings and only see digital asa way to reduce costs.

“Banks have generally been too slow to embrace the digitalinnovation customers now expect from other industries, such asretail or travel. This needs to improve if banks are to hold on totheir existing customers and attract the next generation, as thequality of a bank's digital offering will become an increasinglyimportant factor for consumers.”