AvidXchange™, the leading provider of accounts payable (AP) and payment automation solutions, today released compelling new insights on the future of fintech at REVx, its annual gathering of industry experts, AP thought leaders and finance professionals. Developed in collaboration with Levvel Research, the white paper revealed that while B2B companies are becoming more knowledgeable about using disruptive technologies to transform financial processes, most are unaware of how innovations like artificial intelligence (AI), machine learning, big data and blockchain are changing the way they work.
Of the fintech trends analyzed, AI is the most familiar to users, with 43 percent aware of its use in fintech applications and 83 percent citing AI as a strategic priority. In parallel, 84 percent of businesses believe AI will give them a competitive advance, and 75 percent believe it will allow them to expand lines of business by entering new ventures.
In contrast, blockchain was the most alien of the emerging technologies, with just over one in four respondents aware of its role in fintech despite increasing momentum behind blockchain applications in the B2B space. Machine learning and big data finished squarely in the middle, with 34 and 33 percent, respectively, confirming knowledge of daily touchpoints with these technologies.
“B2B fintech has evolved from on-premise accounting systems that help customers manage financial data to dynamic, cloud-based solutions that are impacting almost every area of the business,” said Dan Drees, Chief Growth Officer at AvidXchange. “Despite this progress, there are still a significant number of companies who haven’t embraced fintech. Understanding why and helping businesses adopt it will be the primary challenge for the financial services industry as we move forward.”
Collectively, the lack of familiarity with disruptive technologies indicates a significant area of opportunity for businesses to close this knowledge gap by learning more about fintech innovations and how they will alter the way companies operate in the immediate future.
To read more about how emerging technologies are impacting the B2B fintech space and being embraced by customers, download the full white paper here: