Top Tech stats: FinTech adoption, data security and more

Welcome to your roundup of some of the past week’s most interesting surveys, statistics and reports relevant to those involved in the UK tech industry.

This week, we have statistics relating to UK businesses’ FinTech adoption, retail loyalty schemes, smartphones and personal data security.

FinTech adoption rate for UK businesses

MarketInvoice released its latest business survey this week, delving into FinTech awareness and adoption rates among UK businesses.

Based on a survey of 3,400 businesses, the research found that 77% of businesses reported being aware of FinTech products and services, with over two-thirds (65%) having already adopted at least one application.

Interestingly, the research also found that one in 10 businesses (11%) had experimented with bitcoin or other cryptocurrencies as methods of payment.

The main reason behind this demonstrably widespread interest in FinTech was found to be saving time and money (56%), with just over a third of businesses (34%) impressed by the user experiences on offer and 23% content with the greater levels of fee transparency and superior customer service within the sector.

Loyalty data failing UK retailers

An EY survey of 130 C-suite level retail executives across Europe, Asia and North America found that only 5% now consider their customers to be loyal.

Worryingly, despite the fact that 87% of retail leaders see loyalty strategy as key to success, a mere 27% were found to be confident in their current systems.

When it comes to data, the survey found that just 19% of retailers currently feel able to leverage their data and systems to understand individual customer needs; with only 35% able to capture frequent real-time insights; and a mere 30% confident in their ability to use technology to personalise customer offers and user experiences.

For more on how technology can disrupt the retail industry, check out our latest Tech Chats video with EY’s Hellen Merriott. 

Smartphone data security

Bitdefender conducted research into personal data security and smartphone use.

Based on 502 individual interviews, the company found that despite 45% of users storing personal information on smartphones, as of yet four in 10 users still haven’t installed a security solution or performed a firmware update.

When it comes to passwords, seven in 10 UK smartphone and tablet users answered that they have not changed their security codes in over three months.

The research comes as both global smartphone adoption and associated malware have skyrocketed over the past few years.

In June 2017 alone, it was estimated that 643,476 new Android malware programmes had emerged.

As a result, 60% of users listed viruses and 50% listed phishing as top concerns associated with using a smartphone.