Fintech tools could help SME boost efficiency

Small business owners feel that fintech tools could drive improvements within their organisation, according to new research.

A number of people think that it would save time by adopting accounting or payroll tools could help their business become more efficient, and a similar number think it would help their business become more efficient.

There is a case for using fintech tools to improve customer service. A third of respondents think using fintech tools would give them more insight into their customers, and two in five think using payroll or accounting tools would allow them to better serve their customers.

In today's world where choice is abundant to the point of overwhelming, the value of providing personalised, fast and high-quality services to customers cannot be underestimated.

The research comes at a time of intense economic uncertainty, with energy bills, volatile global markets and the talk of an imminent recession, which presents a challenging backdrop for businesses of all sizes. Many business owners are looking for ways to maximize efficiency, and fintech tools can be an effective mechanism through which to do so.

Richard Prime, co-CEO and co-founder of Sonovate, commented: With global markets under pressure, inflation soaring, and the energy crisis at a critical point, this is a difficult time for businesses. By helping business owners drive efficiencies across all areas of their business, the silver bullet can provide some welcome relief.

Using fintech tools can improve cash flow, automate operations and enhance customer service, freeing up time for business owners to focus on the important things such as growth or simply staying afloat in the current climate. Fintechs will be able to add functionality and open new avenues of finance that have not been available to SMEs so far, thanks to recent developments such as Open Finance and Open Banking. The Sonovate platform provides flexible funding and a bespoke technology platform to streamline and automate the tasks related to contract worker placements and freelancer projects. By embedding Sonovate's invoice finance solution, cash and resources are freed up, allowing recruiters, consultancies and labour market places to focus on growing their business in the UK and internationally.