Using "world-leading" fintech to unlock UK productivity never been more important to British business, says CBI

Using fintech to unlock UK productivity has never been more important to British business, according to leading business group, the Confederation of Business Industry (CBI).

CBI president Lord Bilimoria last night unveiled a major new campaign to entice more businesses to use fintech to fuel growth, saying is offers a £32bn revenue opportunity to business.

The CBI’s ‘Winning with Fintech’ campaign aims to help non-financial firms leverage fintech to help embrace innovation, improve efficiencies and competitiveness.

British fintech has been a big business UK success story in recent years and is home to fintech decacorns like Revolut,Wise and Checkout.com, which are acclaimed globally.

The campaign will scrutinise how firms can work more efficiently with fintech to unlock growth and efficiency opportunities, in areas including opening up new markets, improving payment flows and transitioning to net zero.

The CBI’s economic strategy Seize the Moment identified the UK’s fintech sector as a key opportunity, with a potential £32bn extra revenues on offer by 2030. 

Statistics from Innovate Finance show in 2021 $11.6bn was invested in UK fintech businesses, a 217 per cent increase from 2020.

Bilimoria, the founder of Cobra Beer, said amid businesses facing supply shortages, rising inflation and energy prices, fintech has never been more important.

Bilimoria, speaking before an invited audience in the Crypts at Guildhall, City of London, said: "Businesses need all the support they can get at present. 

“Slow growth post-pandemic and supply chain struggles have been exacerbated by the terrible conflict in Ukraine.

“What firms need are fair winds and following seas, with fintech featuring a flotilla of benefits, making global trade smoother, payments easier and sustainability better.

“The UK’s world-leading fintech sector is ideally placed to go from strength-to-strength in supporting businesses to manage risks and reduce costs in an uncertain world. 

“The CBI will champion fintech by supporting businesses of all sizes and sectors to seek solutions that will work for them.

“The government is to be applauded for acting on last year’s excellent Kalifa review. 

“Beyond this, the CBI sees a continued role for ministers in driving adoption; from greater coordination of fintech-related initiatives to furnishing the UK’s labour market with the digital skills it needs to succeed.  

“Combining the CBI’s convening power with the City’s world-leading financial ecosystem is a surefire way to success; helping firms fuel their future growth.”

Ed Thurman, CBI Strategic Adviser on Fintech, said: “All too often many businesses think innovation is something other firms do. 

"Winning with fintech’ aims to get more firms engaged with financial technologies to save costs, improve efficiency and go for growth. In challenging times, partnering to achieve these aims will be crucial for businesses of all sizes, and is a key area of focus for this work.”