Onguard’s fintech measurement tool has been monitoring trends and changes over the last few years. The latest data from the Visma Onguard Fintech barometer indicates that the number of businesses intending to implement a digital transformation strategy within the next 6 to 12 months has doubled since 2019.
The Fintech Barometer consists of an annual survey of finance professionals in the UK and the Netherlands. Finance professionals are questioned about their payment behaviour, the application of fintech and what technologies they believe are emerging within their organisation.
The impact of digital transformation on the fintech market
The study suggests that the overall success of fintech is dependent on how a particular business is applying digital transformation processes. In the Netherlands, digital transformation is common, with over 50% of businesses in process of applying digital technologies. In the UK, the rate is a little lower, with around 24% in progress.
When assessing top technology trends used by finance professionals, AI has emerged as the top choice, with nearly half of businesses selecting it as one of the top three technology trends forecast to impact the sector. The ability to measure and assess data is a growing requirement for finance professionals, increasing from around 37% in 2020 to 44% in 2021.
The future of fintech
Looking ahead, blockchain technology is regarded as a major part of the next stage of the fintech era, with nearly 65% adopting the technology or having a plan in place for blockchain use. These results suggest that finance professionals recognise the importance of integrating digital transformation strategies, particularly after the pandemic and all of the associated challenges we have had to endure.
A few years ago, nobody could have predicted how the world would change and the survey findings highlight the impact the challenges of the last year have had on finance professionals towards innovation and the fintech industry. This results in an emerging trend towards digitisation, creating data-driven insights and increasing adoption of new fintech services. More businesses are actively focused on digital transformation measures and industry experts anticipate this to continue over the next few years.