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Top tech stats: Startup survival rates, thoughts on Brexit & 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 startup survival, mobile finance and research about how some members of the UK tech community feel about the impact of Brexit.

Survival

Small firms outside of London survive longer, demonstrating a stronger resilience to economic turbulence, according to research by eBay.

UK tech reacts to PM Theresa May’s Brexit Speech

Fewer than 40% of startups survive longer than five years in the capital, compared to 45% in the South West, 44% in the East of England and 42% in Scotland.

The research also discovered that the lowest startup survival rate was in Redbridge, London, at only 36%.

Tanya Lawler, vice president at eBay, commented: “Our research shows the vital role startups play in the British economy, acting as resilient satellites of stability and employment.”

Mobile finance

A report by Episerver, a digital experience consultancy, titled ‘Future of finance’, has revealed that 39% of UK consumers think financial mobile apps do not provide sufficient security.

Additionally, the survey of 1,000 UK consumers found that those aged over 55 were most likely to be concerned by the security of their mobile apps, with 78% ranking security as a top priority, compared to 60% of 25-34 year olds.

Despite security being a key concern, 25% of consumers are frustrated by the complex security logins required by financial service apps. This makes for a difficult balance for mobile financial marketers to strike.

James Norwood, CMO at Episerver, commented on the findings: “Given the complex nature of financial purchasing decisions, as well as the significant values involved, many financial retailers have struggled to convert their services into a mobile friendly format. Clearly the ability to convince customers that their financial purchases are secure is a big part of this.

“Recent advances in technology can help marketers to overcome this challenge, however. Through the development of a mobile strategy that takes advantage of secure touch IDs and one-click social media logins, marketers can quell security fears while still managing to build an intuitive user experience for their end customers,” concluded Norwood.

Spending habits

A new survey by Vital Statistics, on behalf of Nationwide, has revealed that 81% of Brits use online banking more frequently than any other banking method.

Instant access via mobile banking means that 83% of respondents are now checking their bank balance once a week or more and over half (52%) like to check their transactions ‘all the time’.

mobile banking use

The survey of 2,000 UK adults also found that 15% of respondents believe they would have greater control over their finances if they were able to see how much they spend daily on impulse purchases, such as coffee.

A surprising 1 in 4 of those surveyed also admit they have a fair to non-existent ability to stay on top of their finances.

Barnaby Davis, divisional director of group retail strategy at Nationwide, said: “This research shows customers are using mobile banking from many places all of the time. I remember a time when customers would check their balance once a month on a bank statement, now we see people checking their bank once a day and in many cases more times than that.”

Brexit: one month on

A report from Dice, an online career site for the tech community, has revealed that only 22% of 1,200 employees and recruiters surveyed across the UK tech industry have altered their career plan as a result of the Brexit vote. These reactions follow on from the initial reactions by the UK tech community compiled by Tech City News just over a month ago.

Whilst 55% of tech candidates thought Brexit would have a negative impact on the UK tech job market, only 44% said they were now more likely to seek a role in another European country.

Additionally, 33% of tech pros believe that those with technical skills will be most in-demand following Brexit, and 57% of employers believe Brexit will have a negative impact on the UK job market.

For those looking to take their tech skills outside of the UK since Brexit, many believe a move to Ireland will best serve their future prospects. Dublin (54%) came top of a list of European cities that tech pros would transfer to, closely followed by Berlin (49%) and Amsterdam (47%).

Many employers have also indicated a willingness to take steps to retain UK tech talent, with 66% admitting they would offer employees a better work/life balance to prevent them moving to Europe. Some 60% would offer their best staff the option of remote working, whilst 53% are willing to consider significant salary increases in order to retain talent.

Jamie Bowler, marketing director of Dice Europe, commented: “The country’s vote to leave the European Union has created more questions than answers, so we wanted to provide some insights into the current mindset of the UK tech job market.

“We are confident that whatever the coming weeks and months hold, the UK will continue to be perceived as a market where the best of the global tech community can come to work, live and build businesses.”

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

Further reading:

The Communications Market Report: United Kingdom

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