Fintech is making an entrance into a majority of UK businesses, with 65 per cent found to be bringing on board at least one service, and 77 per cent aware of opportunities.
A significant number of firms are going further than just testing the fintech water, with 19 per cent now leveraging four solutions from the emerging market.
This information has been collected and presented by MarketInvoice, from which it has estimated that UK businesses have saved £4.6 billion by adopting fintech. Savings are a driving factor for businesses looking to put these new solutions into action, with 56 per cent seeing it has efficient in terms of money and time.
Use cases for financial technology such as in foreign exchange and banking proved to be among the most popular areas for adoption among UK businesses, with cloud technology applications for accountancy also being taken on by 24 per cent.
Bobby Lane, partner at accountancy firm 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.
UK businesses appear to be displaying an adventurous approach to technology, with the report finding that 11 per cent have engaged in using cryptocurrencies.
The market in the UK is world leading, having gained £1.3 billion in investments between January and June 2017. London alone generated £1.1 billion in this period. Insurtech is also soaring in the UK, gaining £218 million in the first half of 2017 alone.
Research from EY reveals confidence that the trajectory of this UK growth will continue. Half of fintech firms are expecting another growth explosion that could involve increases of over 100 per cent.
Anil Stocker, CEO and co-founder of MarketInvoice, said: “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.”
An additional statistic from the EY research shows that 35 per cent of the respondents are expecting to benefit from amounts exceeding £5 million from the next funding round, with interesting growing rapidly around the fintech market.
While firms are moving full speed ahead, the EY research revealed that 49 per cent of fintech company are concerned by the prospect of customer adoption of the new technological developments.