A survey conducted by PricewaterhouseCoopers (PwC) has shown that digital banking will soon overtake branch banking. The survey was conducted among 3,000 bank customers across nine developed and developing markets.

A lot of the customers now prefer alternate channels like internet banking and mobile banking to carry out banking transactions. The survey results show that the traffic on these channels with overrun the traffic at bank branches by 2015.

Retail and Commercial Banking partner at PwC, Stephen Whitehouse said, "...The majority of banks still only provide basic mobile and internet banking...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 services."

"The banks that provide a differentiated digital experience, with advice and relationship management elements tailored to the individual customer, will secure deeper engagement and more profitable relationships with their customers," said he.

He also said, "The growth of digital has removed key barriers to market entry, including the need for large branch networks, customer inertia and brand trust. Because of this, banks need to consider strategic acquisitions or partnerships with digital innovators to secure their long-term position and market share."