Banks missing out on the digital revolution
The PwC research showed that more consumers are using online and mobile channels to access financial products.
Some 69 per cent said they currently use the internet to purchase financial products.
While a lower number of respondents (33 per cent) currently use mobile channels to purchase financial products, mobile banking is expected to follow a similar usage curve to internet banking, with China, India and the United Arab Emirates currently leading its adoption.
PwC said that 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.