UK businesses ‘embracing FinTech solutions’
Written by Chris Lemmon
More than three quarters of UK businesses are aware of FinTech products and 65 per cent have adopted at least one FinTech application, while a fifth have taken on four.
This is according to a new survey from MarketInvoice, which found that these adopters reported saving more than £5,500 annually as a result of using the new products and services.
A quarter of respondents have used FinTech solutions for banking transactions and foreign exchange services (16 per cent). One in four reported using cloud-based software for their accountancy functions and a third used online lenders for business loans or invoice finance. Only two per cent of businesses are using InsurTech services.
Companies are also using FinTech to engage staff. Some 62 per cent of businesses use FinTech adoptions for staff to report expenses (i.e. Expensify) and for payslips automation. A further 23 per cent are using online pre-paid cards (i.e. Revolut) in allocating budgets to teams.
Anil Stocker, CEO and co-founder of MarketInvoice, commented: “The expansion of tech-driven digital services has been remarkable over the past 5 years. We know that consumers have been adopting tech applications into all parts of their lives, but our research shows that now UK businesses are also becoming tech-savvy.
“Fintech applications are revolutionising the way business is being done from how employees report their expenses to the way businesses report their financial performance. Entrepreneurs always seek out the best means to drive their businesses and clearly FinTech products and services are becoming a stable part of this approach.”