A new trade body encompassing the work of several banking and payments organisations has gone live this week.

The snappily named UK Finance, led by chairman Bob Wigley and chief executive Stephen Jones, will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and The UK Cards Association.

Its role will be to help its members build customer trust, facilitate industry-wide collaboration and innovation, and work with policymakers and regulators in the UK, EU and at a global level.

Jones said: “The UK’s finance and banking sector is undergoing an exciting transformation with innovation and technology revolutionising customer services.

“From tapping a card or mobile phone to make payments, securing a mortgage via video chat or using Big Data to combat financial crime, the boundaries between banking services are blurring, enabling the industry to become more efficient and customer-focused.

“For the UK’s finance and banking sector, these changes present new opportunities and fresh challenges which require a coordinated voice to best support it going forward.

“UK Finance will be that fresh voice, representing credit, banking, markets and payment-related services across the UK and bringing together the expertise and reach of the constituent organisations to achieve the best outcomes for our members and their customers.”