Short to medium-term digital strategies double to 35% among financial organisations
London, UK, 21 October 2021 – Despite the turbulence of the last year, UK businesses continue to make positive strides towards technological innovation. This fresh analysis of four years of data from Visma | Onguard’s Fintech Barometer highlights this. The report shows that number of organisations planning to undertake a digital transformation strategy within the next 6 to 11 months has more than doubled (from 17% in 2019 to 35% in 2021). The fintech revolution may be upon us.
When reviewing the top technology trends recognised by finance professionals over the four-year period this increasingly digital approach is at the focus. Artificial intelligence (AI) in particular, has risen to be at top of mind.. Almost half (47%) of organisations identify it as one of the top three technology trends set to impact the sector (up from 31% in 2018). Along with this, the ability to analyse data is a growing requirement for finance professionals. This is also being driven by data already starting to play a greater role in organisational strategy. Currently 38% of businesses state that data supports their processes, up from 28% in 2020.
Looking to the future, the use of blockchain technology will form the next step of the fintech revolution. Almost two-thirds (65%) have either adopted the technology or worked out the first ideas for future adoption.
Uptrends in adoption of fintech
These findings point to finance professionals increasingly recognising the need for digital transformation strategies and transformative fintech software. This comes particularly in the wake of the COVID-19 pandemic and the myriad of challenges it created. This is evidenced by fewer financial professionals saying they are now resistant to change (15%), compared to 2019 levels (23%).
“We’ve been conducting our Fintech Barometer over the last four years. The insights we’ve gained with clear trends emerging over this period have been fascinating. Four years ago, nobody could have predicted the kind of world we live in today. Our findings have really demonstrated just how much of an impact the challenges of the last year have had on the attitudes of finance professionals. This is the case especially towards issues like innovation and fintech. This translates to a growing trend towards digitisation, data-driven insights and a growing revolution in fintech adoption. More and more, organisations are enthusiastically undertaking digital transformation initiatives. And within shorter timeframes than in previous years, at that. We expect this to continue over the coming years and as always, we’ll continue to monitor progress,” said Raymon van Viegen, CFO at Visma | Onguard.
This press release was also published by Fintech Magazine.