Bosses ‘don’t place enough value on technology’
Written by Peter Walker
One in five (21 per cent) businesses in the UK believe that decision makers do not place enough value on technology, with a quarter (24 per cent) unsure of how FinTechs could help them, according to research by Centtrip.
The intelligent treasury management, payments and foreign exchange firm interviewed more than 500 decision makers from UK medium-sized and large companies about their current use of automation.
It found that businesses which have decided not to partner with FinTechs cited their existing relationship with a bank (33 per cent) and the difficulties of training staff to operate new technology (22 per cent) as key reasons for their decisions.
However, well over half of those surveyed (56 per cent) think FinTechs offer services that traditional banks cannot, calling the challengers more flexible, with 54 per cent said FinTechs were better at helping businesses reduce costs. In addition, 42 per cent of respondents said they trust FinTechs with their finances more than banks, with only 20 per cent preferring to deal with High Street brands.
That said, the survey identified demographic differences, with 70 per cent of 18 to 34-year-olds saying they would trust a FinTech over a bank to handle their business’ finances, in comparison to just one in ten of those aged over 55.
Brian Jamieson, chief executive and co-founder of Centtrip, said: “The big banks historically have been burdened with a patchwork of legacy systems and institutional inertia, meaning they are no longer the ones who lead the charge in bringing efficiency to payments and company finance.
“However big or small a company is, it’s crucial that it is equipped with the right tools and resources to maintain a competitive edge,” he continued, adding: “Multiple sectors and industries are undergoing significant technology and AI changes, and if businesses don’t keep up, they will be left behind.”