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

Stephen Whitehouse, retail and commercial banking partner at PwC, said: “Despite customers' appetite for new and innovative digital banking offerings, and the fact they are willing to pay for these, the majority of banks still only provide basic mobile and Internet banking services. 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.

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