Holloman said finance is being disrupted by this growing requirement to provide new, innovative digital services, with smartphones and now even cars themselves at the centre of a battle for customer loyalty in the online payments market.

Examples like the widely used Apple and Android Pay, are now seeing disruption from new entrants such as FordPay and Alipay, which is expanding from Asia into Europe. Facebook has also made moves into the mobile payments market.

Holloman added: “Consumers want things straightaway, they have no loyalty, and they are very wary about how they’re going to spend their money. I believe this is opening the floodgates for disruption.”