The UK is rated as one of the leading countries in digital capability, with the fintech sector and the banks playing an important supporting role.
Research from MasterCard and the Fletcher School at Tufts University in the US ranked the UK in the the top 10 list of advanced digital economies alongside:
- South Korea
- Hong Kong
- The US
The measures used to rank countries were: internet access and infrastructure, consumer demand for digital technologies, government policies/laws and resources, and investments into research and development and digital startups.
“Adoption, the quality of digital infrastructure and institutions, and innovation collectively shape a country’s digital competitiveness, but governments also play a key role,” said Bhaskar Chakravorti, senior associate dean of international business and finance at the Fletcher School at Tufts University. “The report also found that consumers’ trust in digital technologies correlates with digital competitiveness.”
The report warned that because of the rapid pace of change, countries need to be open to innovation if they are to retain their position. “Given the current pace of innovation and change, being an advanced digital economy today doesn’t guarantee that status tomorrow,” it said.