Awareness of fintech (financial technology) products and services has mushroomed among UK businesses, according to a survey by business finance company MarketInvoice.
The survey found that 77 per cent of UK businesses are aware of fintech products and services and 65 per cent have adopted at least one fintech application, with 19 per cent taking on four.
These adopters claimed to be saving on average over £5,500 a year as a result of using fintech products and services.
Twenty-three per cent of businesses are using fintech products and services for banking transactions, while 16 per cent are using it for foreign exchange services.
Meanwhile, 24 per cent reported using cloud-based software for their accountancy functions and 32 per cent used online lenders for business loans or invoice finance.
MarketInvoice claimed the £4.6bn saving for US businesses is based on FSB statistics which show there are 5.5m businesses in the UK, of which 1.3m are employing businesses. The £4.6bn is achieved by multiplying 65 per cent of 1.3m businesses by £5,500 - the average annual savings by adopting fintech services.
"The expansion of tech-driven digital services has been remarkable over the past five years," said Anil Stocker, CEO and co-founder of MarketInvoice.
"We know that consumers have been adopting tech applications into all parts of their lives, but our research shows that UK businesses are now also becoming tech-savvy."
Stocker said fintech applications are revolutionising the way business is being done, from how employees report their expenses to the way businesses report their financial performance.
Bobby Lane, partner at accountancy firm SSH LLP, said most of its clients are now using cloud-based solutions and automating many 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," he added.
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