The survey found that 77 percent of UK businesses are aware of fintech products and services and 65 percent have adopted at least one fintech application, with 19 percent taking on four.
Those who adopt it claim to be saving more than £5,500 a year as a result of using fintech products and services and 23 percent of them are using fintech products and services for banking transactions, while 16 percent are using it for foreign exchange services.
Meanwhile, 24 percent reported using cloud-based software for their accountancy functions and 32 percent used online lenders for business loans or invoice finance.
MarketInvoice claimed the £4.6 billion saving for US businesses is based on FSB statistics which show there are 5.5 million businesses in the UK, of which 1.3 million are employing businesses. The £4.6bn is achieved by multiplying 65 percent of 1.3 million businesses by £5,500 – the average annual savings by adopting fintech services.
Anil Stocker, CEO and co-founder of MarketInvoice said that 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 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.