FinTech has the potential to give businesses the boost they need in the face of Brexit and COVID-19, according to ESET study

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London, UK – ESET, a global leader in cybersecurity, reveals that 24% of UK business leaders believe cross-border payments could help drive business profitability, amidst a period of complexity and confusion following the country’s exit from the European Union. As businesses – and the UK as a whole – start to establish new relationships and processes post-Brexit, financial technology (FinTech) solutions could provide an opportunity to streamline and improve efficiency, while helping to remain compliant with new regulations. ESET has explored the topic of financial technology and cybersecurity in its global FinTech research, surveying over 10,000 consumers across the UK, US, Australia, Japan and Brazil.

Throughout 2021, businesses in the UK will be dealing with both adapting to life outside the EU and the continuing effects of the COVID-19 pandemic. For around a third of senior managers (34%), one of the biggest priorities in this period is improving efficiency – and many may opt to implement FinTech solutions as a way to achieve this, with ‘ease of use’ being their perceived benefit. Some solutions, such as cross-border payments, seem to offer even greater prospects, with a quarter of business leaders (24%) believing they could boost profitability in this challenging situation.

Nearly two thirds of UK business leaders (59%) reported an intention for their company to increase investment in FinTech by some level in 2021-2022, with around one in eight (13%) expecting this investment to increase greatly. As the impact of Brexit includes increasing complexity of financial transactions between the UK and some of its closest trade partners, a significant focus of this investment could be streamlining the evolving economic processes that organisations are subject to. The majority of senior managers (58%) believe that FinTech solutions are easier to set up, configure, and use than traditional financial services, suggesting that their implementation could ease businesses through the transition to operating outside of the European Union.

“Our findings show that organisations in the UK are becoming increasingly interested in FinTech and are looking to incorporate more solutions into their business processes. It is important that this interest does not outstrip awareness of the potential risks, and that new technologies are adopted with a cybersecurity-first approach,” commented Jake Moore, Cybersecurity Specialist at ESET. “When all the necessary precautions are taken, FinTech could provide useful tools to help businesses navigate Brexit-related changes – but without sufficient protection, it could instead make organisations more vulnerable to cyber attacks.”

To learn more about ESET and its global financial technology research, please visit our website’s newsroom.


About ESET 
For more than 30 years, ESET® has been developing industry-leading IT security software and services to protect businesses, critical infrastructure and consumers worldwide from increasingly sophisticated digital threats. From endpoint and mobile security to endpoint detection and response, as well as encryption and multi-factor authentication, ESET’s high-performing, easy-to-use solutions unobtrusively protect and monitor 24/7, updating defences in real time to keep users safe and businesses running without interruption. Evolving threats require an evolving IT security company that enables the safe use of technology. This is backed by ESET’s R&D centres worldwide, working in support of our shared future. For more information, visit our website or follow us on LinkedInFacebook, and Twitter.