UK businesses embracing financial technology save up to £4.6bn each year

MarketInvoice has conducted a survey on UK businesses on awareness and adoption of fintech products and services.

Over half (77 per cent) of UK businesses are aware of fintech products and services, with 65 per cent having adopted at least one fintech application, and 19 per cent taking on four.

In addition, 11 per cent reported using bitcoins or other cryptocurrencies in the past year to process payments.

Bobby Lane, partner at SSH LLP, said: “Most of our clients are now using cloud-based solutions and automating many of their routine processes.

“This means that I have more time to focus on advising my clients on strategic matters. Also, it’s now far easier for us to use fintech services because the ability to integrate with these new systems has opened up huge opportunities for improving processes.”

Meanwhile, businesses reported using fintech products and services for banking transactions (23 per cent) and foreign exchange services (16 per cent). Supposedly, company leaders have been drawn to fintech because it saves time and money.

Jerry Anderson, managing director at wedding rings company, Allied Gold Ltd, said: “We’re a third-generation family business, I have adopted fintech across the business from our accounting to our banking services.

“The user experience and service is far superior to what is available on the high-street.”

As well as businesses benefitting from fintech adoption, companies are using it to engage staff. 62 per cent of businesses have used fintech adoptions for employees to report expenses and for payslips automation.

CEO and co-founder of MarketInvoice, Anil Stocker, said: “The expansion of tech-driven digital services has been remarkable over the past five years.

“We know that consumers have been adopting tech applications into all parts of their lives, but our research shows that UK businesses are also becoming tech-savvy.

“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.”