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Top tech stats: Startup and corporate co-innovation, mobile banking & more

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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 mobile banking, startup and corporate collaboration, digital skills, digital business transformation, and the results of a survey which looked into investors’ confidence in the post-Brexit environment.

Mobile Banking

A new report by BBA, the leading trade association for the UK banking sector, titled ‘Way We Bank Now’ has revealed that 347 million payments were made using mobile apps last year, a 54% increase in comparison to 2014.

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Additionally, the report found that online payments rose by 2% whilst the use of contactless cards increased by 250% – with £1.1bn spent in March this year.

Anthony Browne, BBA CEO, said: “We are in the midst of a consumer-led revolution in the way we do our day-to-day banking. Customers love the new technology that is allowing us to bank round the clock.”

Robert Cubbage, UK Banking and Capital Markets leader, commented on the transformation of banking and the challenges currently facing mainstream financial institutions.

“Transformation is not without its challenges,” he said, adding “ but banks that can make the most of the new opportunities available to engage with their customers through digital, and the use of analytics and technology will be highly competitive in the new environment”.

Collaboration

A report by startup accelerator MassChallenge, produced in conjunction with Imaginatik, has revealed that although 96% of corporate respondents believe innovation to be important, only 75% spent less than $1m on interacting with startups.

‘The State of Startup/Corporate Collaboration’ report also indicated that 25% of corporates have no idea how much they are spending on work with startups.

However, the research found that corporates who had interacted with startups reported a 96% rate of success.

The report also found that 99% of startups and 67% of corporates expressed a desire to work together.

UK digital skills

A new report by Hired estimates that a third of people working in the UK tech industry come from other European countries.

‘Mind the Gap’, as the report is titled, argues that Britain’s position as a digital powerhouse has been dependent on attracting high-skilled workers from across the globe to supplement home-grown talent.

According to the report, 750,000 new digital jobs are expected to be available by 2020. For this reason, the report says, the UK must continue to attract the best available tech talent despite of Brexit if the skill gaps is to narrow.

The report also found that whilst 74% of tech workers have a degree, the number of those studying computer science is decreasing on an annual basis . Only 11,800 graduates are believed to have studied computer science during the 2014-2015 academic year.

The UK’s global tech competitiveness, especially when compared to the US, was also of concern.

The report found that average salaries for tech workers in London were substantially lower than in Silicon Valley and New York, where salaries are 38% and 35% higher, respectively.

Digital business transformation

A report from tech and strategy firm Squiz found that 805 of UK businesses fear that they could be displaced by new technology-focused companies within the next 5 years.

Some 38% of respondents said they will need more technologists in order to win over their sector.

Despite this, only 24% of UK businesses are currently using AI and VR, whilst 36% of those surveyed do not have a mobile app or mobile website.

However, whilst UK businesses may be slow to innovate, they do recognise that digital transformation is key to success, with 60% saying that they will need to innovate to keep up with consumer behaviour.

Post-Brexit confidence

Independent research by IW Capital and Crowdfinders has revealed that 52% of British investors said they will support UK SMEs through private investment channels.

The research, titled ‘Understanding Investor Sentiment in the Wake of Brexit’, surveyed 1,000 investors in response to the Lloyds Bank Investor Sentiment Index, which indicated a drop in investor confidence in the aftermath of Britain’s decision to leave the EU.

IW Capital and Crowdfinders findings also revealed a degree of uncertainty among young adults towards the long-term financial consequences of the result – with 55% of respondents saying they were not confident on the implications of Brexit on the FTSE. A further 49% were unsure on the security of the pound as a result of leaving the EU.

Luke Davis, CEO of IW Capital and co-founder of Crowdfinders, commented: “What we can take from this research is that there is a silver lining from a business perspective as our nation’s investors are willing to support SMEs in the wake of Brexit, something that cannot be said for other investment classes.

“It is now our job at investment providers, and partly the responsibility of the Government, to ensure investors are equipped with the right tools and information to help them act on their investment decisions and navigate this uncertain period with confidence,” he concluded.

That’s all for this week! To check out previous instalments of our tech stats series click here!

 

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