Briefly describe the key points that emerge from the Data in Table 1.
The table shows a group of figures collected from financial institutions to show between the years 2005-2011 the amount of transactions that were processed by major non-card methods. The first line is about cash withdrawals which shows a steady increase in transactions of about 2% each year until 2009 where it slightly drops for two years and then picks up again in 2011 making an overall increase of 6.48%. Cheques on the other hand seem to be rapidly declining in use over the years and drop by a massive total of 48.55% by 2011. Next is the BACS system, which is a system that electronically processes financial transactions. This is split into three categories - Direct Credits, Standing Orders and Direct Debits. Out of the three the Direct Debit system seems to be doing the best with a total increase of 22.04% in total by 2011, although if you look at the yearly transaction the percentage by which they are increasing in getting less each year. Next is the Direct Credits which again even though the yearly transactions is increasing it is slowing down until 2011 when the amount actually decreases. By far the worst is the Standing Orders, up until 2007 this was doing well increasing by an average of 4.5% each year then in 2008 it started to dramatically decrease making a huge 61.11% drop overall by 2011. The table shows that in 2008 a new system comes into effect and this is the Faster Payment System. This system comprises of two categories – Standing Orders and Online and Telephone Banking. This system seems to take off right from the start and over the four years the figures are recorded for the Faster Payment System it increases by a staggering 534.54% in total with the biggest increase being in the first year. Online and telephone banking was the best out of the two having a 540.82% increase by 2011 since starting in 2008 and Standing Orders close behind with a 527.04% increase. In...
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