UK businesses are embracing fintech, research shows

Businesses in the UK are embracing financial technology, with 77 per cent being aware of fintech products and services, according to research from finance company MarketInvoice.

The research found 65 per cent of UK businesses have adopted at least one fintech application, while 19 per cent have adopted at least four.

Benefits

The study highlighted the benefits that fintech products and services offer businesses, with saving money being among the advantages. Those who have adopted fintech applications reported saving £5,500 a year on average as a result of doing so.

Over 55 per cent of respondents said fintech helps to save time and money, 34 per cent are impressed by the user experience, and 23 per cent said that it provides a better service for customers.

Fintech was also found to boost staff engagement, with 62 per cent of businesses using it to report expenses and automate payslips. 23 per cent of businesses use it for pre-paid cards.

Other uses of fintech were also revealed in the survey, with 23 per cent of businesses saying they have used fintech products for banking transactions and 16 per cent of businesses using it for foreign exchange services.

The survey also found 24 per cent of businesses use cloud accountancy software, while 32 per cent use online lenders for business loans or invoice finance. Just 2 per cent of respondents use Insurtech.

Tech-savvy

Commenting on the survey, MarketInvoice Chief Executive Officer and Co-Founder Anil Stocker, CEO and co-founder of MarketInvoice, said: “The expansion of tech-driven digital services has been remarkable over the past five5 years. We know consumers have been adopting tech applications into all parts of their lives, but our research shows UK businesses are also becoming tech-savvy.”