Digital transformation has improved the efficiency, innovation, and access to services for customers, according to a report out today from the London lobby group TheCityUK.
Contactless payments have increased by 115% year-on-year in June 2017, which accounts for a total of 470 million transactions in that month alone.
As a result, cheques have fallen out of fashion, with payments down by 69% over the last ten years. Cheque payments now make up just 0.4% of all payments across the UK.
The use of online banking has doubled as 63% of customers’ accessed their accounts without the need for face-to-face interaction in the past decade.
From 2012 to 2017, UK banking apps increased from 21% to 61% with log-ins reaching 159 per second in 2016 across a total of 19.6 million users.
The financial and related professional services industry has made a large contribution to the economy, contributing £11 of every £100 of UK economic output and £14 of every £100 of UK tax revenue raised.