Two-thirds of UK businesses have adopted at least one financial technology application, saving an average of £5,500 in the process, according to research from MarketInvoice.
That equates to approximately £4.6bn saved collectively each year as a result of FinTech, with a fifth of the firms studied saying they had incorporated at least four different products or services.
In terms of awareness, it was found that technology is increasingly impacting firms’ operations and services, with 77% of the companies studied now familiar with FinTech.
“The expansion of tech-driven digital services has been remarkable over the past five years,” MarketInvoice CEO, Anil Stocker.
“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.”
It was found that almost a quarter of UK businesses are using FinTech services for banking transactions, while 16% use it for foreign exchange services.
However, the technology is also being used to engage staff, with 62% of firms adopting it for employees to report expenses and for payslip automation.
Some 56% of businesses leaders said they were drawn to FinTech because it saves time and money, while a third were impressed by the user experience, and a quarter thought it increased transparency on fees.
“Fintech applications are revolutionising the way business is being done from how employees report their expenses to the way businesses report their financial performance,” Stocker continued.
“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.”
In addition, a tenth of the firms studied reported using bitcoins or other cryptocurrencies at some point in the past year for processing payments.
Although 89% have not used the digital currencies, a fifth of these businesses expect them to feature in their payment transactions over the next 12 months.
There were a record 66 InsurTech investment deals recorded in the first quarter of this year as insurers continued to look to start-ups to improve their claims handling and underwriting excellence.
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Upgrading technology is the number one priority for insurers around the world, according to survey of senior executives by software provider AdvantageGo.
21 May 2018
The insurance industry is increasingly struggling to find the right staff, with just one-quarter of workers in the sector prepared to use artificial intelligence (AI) systems.
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