Bank account customers 'willing to pay for useful services'

By Joel Stanier

65% of bank account customers say they'd be willing to pay for useful services like Facebook notifications and loyalty card services, according to new research from PricewaterhouseCoopers (PwC).

The 'Digital Tipping Point' report, which explores the banking industry's move towards digital technology such as online and mobile banking, found that there is strong demand for "innovative digital services", including social media alerts, 'digital wallets' and spending analysis tools that could help people to budget.

And despite the ongoing debate regarding free banking, it seems that many people would be willing to pay extra for these services. PwC said the 'optimal' price for loyalty card services would be around £4.20.

Online capability, security and ease of use were the top three most important things UK customers want from their banks, the report adds.

A bank account expert at Think Money commented: "While some people are adamant that they don't want to pay anything for their bank account, this research shows that some people are willing for pay for the right services.

"Many banks today offer a mix of 'free' accounts, which only charge if you go overdrawn without permission or miss a payment, and paid accounts that offer additional benefits, such as insurance, roadside cover and even managed budgeting services.

"With more and more people taking advantage of online and mobile banking, it's likely that we'll see many bank account providers respond with apps and other services that make things that little bit easier for customers."

Image © iStockPhotos / Studio7 / Facebook

Tags: PricewaterhouseCoopers, PwC, Digital Tipping Point, banking, bank, insurance, bank accounts, online banking, Facebook, bank account extras

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