Mastercard and Tufts University unveil the Digital Evolution Index 2017, an in-depth look at technology adoption and the state of digital trust around the world
The UK has been praised as one of the world’s “digital elite” in new research unveiled today by Mastercard and The Fletcher School at Tufts University. The Digital Evolution Index 2017 is a comprehensive study tracking the progress countries have made in developing their digital economies and integrating connectivity into the lives of billions.
The UK is identified alongside Singapore, Hong Kong, Japan, Israel, Estonia, UAE, and New Zealand as the so-called “Stand Out” economies, characterised by high levels of digital development and a fast rate of digital evolution. With momentum and innovation on their side, these exemplify the sweet spot of advancement and future growth.
The UK continues to show high levels of digital development, and remains on an upward trajectory. For example, London is now home to Europe’s fintech stars, producing creative new business models in finance, with the big established banks being on hand to offer expertise and back the start-ups.
With nearly half of the world’s population online, the research maps the development of 60 countries, demonstrating their competitiveness and market potential for further digital economic growth. The Index measures four key drivers and 170 unique indicators to chart each country’s respective course:
Businesses, governments and civil society are working to bring everyone online, while also ensuring the security of the digital infrastructure. The report provides a way to assess digital “trust” as well as the state and rate of digital evolution with examples from around the world, giving countries the opportunity to learn from each other to further their advancement.
“Adoption, the quality of digital infrastructure and institutions, and innovation collectively shape a country's digital competitiveness, but governments also play a key role. The report also found that consumers’ trust in digital technologies correlates with digital competitiveness,” said Bhaskar Chakravorti, senior associate dean of international business & finance at The Fletcher School at Tufts University, and founding executive director of Fletcher’s Institute for Business in the Global Context.
“We all know technology can do more to improve economies and make our lives better, but growth is only achievable if everyone has confidence in the developing ecosystem,” said Ajay Bhalla, president, global enterprise risk & security, Mastercard. “In our pursuit of a truly connected world, trust and security are critical to successful digital development. The UK is an exemplar in this.”
Minister of State for Digital Matt Hancock said; “This report shows the UK is the undisputed tech hub of Europe, and confirms our place as a digital world leader and as a centre for excellence in innovation and growth. The UK tech sector is attracting twice as much investment as any other European country, and only last week it was announced there had been a new record £5.6bn investment in tech in London in the past six months. We are determined to ensure the UK continues to be best place to start and grow a digital business and our recent Digital Strategy and Digital Charter will help us achieve this."
New this year: the trust factor
To date digital trust has proved difficult to understand, let alone measure, but it remains a keystone of the global digital economy. New to the 2017 report, the research team at The Fletcher School analysed 42 of the 60 countries in the Index around four key dimensions – behaviour, attitudes, environment, and experience – to understand the state of digital trust. Some of the findings include:
Further, governments and businesses are considered the guarantors of trust, and are charged with facilitating trust among their citizens and consumers. The findings demonstrate that trust is critical to digital competitiveness, and that countries can only go so far without it.
Implications: how countries can win
More details and country-specific case studies can be found in the summary insights overview including:
The link to the full report and methodology can be found here.
The Digital Evolution Index 2017 builds off the successful launch of the first edition of the Index in 2014. The research behind this latest edition considers numerous new factors to better reflect rapid changes in the digital world and create a report that is accurate, robust and comprehensive.
The in-depth analysis includes a study of the pace of digital evolution across 60 countries, across four key drivers of supply, demand, institutional environment and innovation. It utilises data over 8 years (2008 – 2015) to provide an overall digital evolution score and digital momentum score, as well as a measure for digital trust.
The Digital Evolution Index is a research product of Digital Planet – an interdisciplinary research platform, based at the Institute for Business in the Global Context at The Fletcher School at Tufts University.
Mastercard (NYSE: MA) is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone.
The Fletcher School at Tufts University is the oldest exclusively graduate school of international affairs in the United States. The School’s alumni represent the highest levels of leadership in the world, including hundreds of sitting ambassadors, political and military leaders, respected voices from distinguished media outlets and institutions, heads of global non-profit organizations, and executive leadership of some of the world’s largest corporations. The Fletcher School offers a collaborative, flexible and interdisciplinary approach to the study of international affairs, featuring a distinguished faculty and diverse student body representing more than half the world’s countries.
The Fletcher School and Mastercard unveil the Digital Evolution Index 2017, an in-depth look at technology adoption and the state of digital trust around the world. With nearly 50% of the world's population online, this research maps the journey towards digital development for 60 markets. (Graphic: Business Wire)
Mastercard announced today that all consumers will be able to identify themselves with biometrics such as fingerprints or facial recognition, when the...View article
The Fletcher School and Mastercard unveil the Digital Evolution Index 2017, an in-depth look at technology adoption and the state of digital trust glo...View article
Mastercard is partnering with more than 30 new digitised banks across Europe 9 out of 10 (88%) Brits now use online banking or banking apps, acc...View article