Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Business

FINTECH FORTNIGHT: UK HAS MUCH TO CELEBRATE ABOUT, IS THE GLOBAL LEADER IN FINTECH

FINTECH FORTNIGHT: UK HAS MUCH TO CELEBRATE ABOUT, IS THE GLOBAL LEADER IN FINTECH

Fintech industry generates £6 billion in revenue and £524 million in investment and employ 61,000 people

Greg Dimitriou is the co-founder and Managing Director of BillFront said:

“With the industry estimated to generate over £6 billion in revenue, £524 million in investment and employ 61,000 people, the scale of fintech’s impact on Britain and the world can’t be understated. This outstanding performance means that undoubtedly the UK is the global leader in fintech.”

“However, it can ill afford to rest on its laurels as sizeable challenges remain. Brexit, and what this will actually look like in reality, is the most obvious issue and looms largest of all.”

“Yet despite the fintech revolution reshaping finance for both consumers and businesses in Britain, another huge challenge is that traditional financial institutions are far behind the curve. Banks are very slow to make financing decisions for firms in need of quick capital, especially startups. Another issue is that the data they base their loan decisions on is often months out of date. Due to this sorry state of affairs, alternative financing, powered by fintech innovation, has exploded and is now worth £3.2 billion in the UK and will only keep growing.”

“Many industries suffer from archaic payment processes and terms, with some still relying upon snail mail to process invoices. In the digital era, this is simply ridiculous and is where fintech can really have a huge impact. In the digital media industry for example, outdated methods of dealing with payment means many media companies are unable to conveniently and quickly access their revenues. This hampered ability to readily access capital makes dealing with unexpected economic issues, such as Brexit, more difficult, particularly for small to mid-sized companies who are particularly cashflow dependent. Those with readily available capital can pivot faster and more easily in the face of unexpected events than those who don’t.”

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post