UK companies are clawing back £4.6bn per year in costs by adopting fintech-based solutions, according to research from business finance advisers MarketInvoice.
In a survey of almost 3,500 businesses, the researchers found that fintech awareness rides high among 77% of them, with two-thirds (65%) having adopted at least one fintech tool.
One fifth (19%) have taken on as many as four different applications.
On average, those adopters reported annual savings of £5,500, as a result of using their chosen fintech products and services.
In terms of the specific utilities that firms have sought through those solutions, 23% of the survey group said that they used fintech tools for banking transactions, while 16% had used them to enhance their FX services.
In parallel, one in four firms reported using cloud-based software for their accountancy functions, while a third used online lenders for business loans or invoice finance.
Interestingly, just over a tenth of the respondents reported using bitcoin or other cryptocurrencies at some point in the past year as a means of processing payments.
While the clear majority (89%) have so far not used cryptocurrencies, a fifth expect them to feature in their payment transactions over the coming 12 months.
Bobby Lane – partner at accountancy firm SSH LLP – told the researchers: “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.”
He added: “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.”
Jerry Anderson – MD of wedding rings manufacturer Allied Gold – said: “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.”
In the view of MarketInvoice, CEO Anil Stocker said the expansion of tech-driven digital services over the past five years has been “remarkable”.
“We know that consumers have been adopting tech applications into all parts of their lives,” Stocker said, “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.”
He added: “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.”