Customers "would pay £4.20 a month for digital banking" Consumers would be willing to pay about £4.20 a month for digital banking services, a report claimed today. The international survey found that across the countries studied, consumers would agree to pay between £2 and £10 a month to use new technological developments if they offer convenience and value, suggesting banks have been "too slow" and need to catch up with other industries such as retail and travel. The New Digital Tipping Point report suggested that in the UK, the "optimal" price - the point at which there would be widespread take-up among customers - banks should charge is £4.20, with price ranges found to be similar worldwide. The document predicted that digital banking will overtake branch networks as the main way customers deal with their banks by 2015. More than 3,000 customers were surveyed across the UK, Canada, China, France, Hong Kong, India, Mexico, Poland and the United Arab Emirates in the report from PricewaterhouseCoopers (PwC). In the UK, two thirds of respondents would be willing to pay to be notified via Twitter or Facebook about a transaction. Almost two thirds (65 per cent) of UK consumers also said they would pay for their bank to store loyalty card information and convert points into cash. Stephen Whitehouse, retail and commercial banking partner at PwC, said: "Customers don't necessarily want free banking, what they want is value for money. "What customers do not want is "gotcha" pricing, where they miss a repayment and suddenly they're paying an extraordinary amount of money. They want something clear and transparent that adds value. Digital is offering a way for banks to completely revamp their business model. He added: "Banks are clearly missing a trick if they don't start to invest in their digital offerings and only see digital as a way to reduce costs." Mr Whitehouse said the lack of investment was surprising given that banks are struggling to grow revenues in the tough economic environment at a time of increased regulation. The report said that banks need to demonstrate they are giving value and build customer relationships to regain trust following high-profile failures, with regulators around the world making it easier for customers who generally have a reduced risk appetite to switch banks. Matt Hobbs, also a retail and commercial banking partner at PwC, said: "If banks are too slow off the mark, they risk being overtaken by new entrants or non-traditional financial services providers, who already place digital at the heart of their offerings."