The report reveals the speed with which digital technology is transforming the financial and related professional services industry, improving efficiency, innovation and increasing access to services for customers.
‘Key Facts about UK-based financial and related professional services 2018’ shows that the use of contactless payments increased 115% year-on-year in June 2017, reaching 470m transactions in that month. In contrast, the value of cheque payments has fallen by 69% over the last decade and now makes up just 0.4% of all payments.
Online banking use has more than doubled, from 30% of customers to 63% in the decade to 2017. In the five years from 2012 to 2017, the use of banking apps in the UK to access current accounts increased nearly threefold from 21% to 61%. In total, banking app log-ins reached 159 per second in 2016, with a total of 19.6 million UK users. Read the full report for more information.