Almost two thirds of UK businesses are making significant savings thanks to adopting fintech, according to a recent survey.
The survey, conducted by MarketInvoice, found that 65% of 3482 UK-based businesses are utilising at least one fintech service, with 19% adopting four solutions. These products are helping the firms to save £5500 on average per annum.
MarketInvoice has used this data to claim that fintech is saving UK businesses a total of £4.6 billion every year.
“Fintech applications are revolutionising the way business is being done from how employees report their expenses to the way businesses report their financial performance,” Anil Stocker, CEO and co-founder of MarketInvoice.
“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.”
Businesses are using fintech products for services such as banking and foreign exchange transactions, while 24% are using cloud-based accountancy software. Around 33% of firms are using online lenders for loans and invoice finance, but just 2% are using insurance technology services.