70% of European banks and FinTechs will increase investment in technology over the next 18 months
CCgroup has launched its research findings from How to influence fintech buyers, based on a survey of major banks and FinTechs across five European markets. The report reveals that, despite the FinTech and wider economic downturn, 70% of European financial institutions expect to increase investment in financial technology over the next 18 months.
The report explores the current economic downturn and cost-of-living crisis’ impact on the financial technology buying landscape, offering insight into what influences banks’ and FinTechs’ choice of provider. CCgroup commissioned Censuswide to survey 251 decision-makers at major banks and FinTechs across the UK, France, Germany, Spain and Italy.
“Geopolitical and macroeconomic turbulence is driving major financial institutions to buy more technology and at higher ticket prices. However, the market is crowded with thousands of suppliers vying for the attention of a small number of major buyers,” said Daniel Lowther, Head of FinTech at CCgroup. “The biggest issue FinTech providers face is that nearly half of buyers are only engaging with a supplier at the discovery or even the purchase stage. This means that firms are being evaluated from afar and selection depends on their reputation and online presence. Effectively, it’s all about the shop window.”
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