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Top tech stats: fraud, the fastest growing UK tech firms & 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 the alternative finance market, fraud, the fastest growing UK tech firms and how tech can impact our wellbeing.

Sustaining momentum

A report by KPMG, Sustaining momentum: 2016 European Alternative Finance Industry Survey, revealed the European alternative finance sector is set to continue to grow.

Cambridge fraud detection firm Featurespace lands $9m

The study showed the online alternative finance market, which includes crowdfunding, peer-to-peer lending and other activities, grew by 92% to €5,431m in 2015 in 2015.

Excluding the UK, the largest alternative finance market, the industry grew 72%, from €594m in 2014 to €1,019m in 2015.

The absolute year-on-year growth rate slowed by 10%, as the growth rate between 2013-14 was 82%. However, the report stated that the industry is ‘sustaining momentum with substantive expansion in transaction volumes recorded across almost all online alternative finance models.’

Fraud

According to a report by fraud protection company Pindrop, 87% of consumers are aware of the threat of phone fraud, but are failing to take basic steps to protect their identity and finances from fraudsters.

The research, conducted by Loudhouse, a London-based independent research agency, surveyed 1,000 consumers across the UK. It found that in the last six months, only 18% have switched on enhanced privacy settings on social media, 54% have changed their online passwords, and 56% have kept their computer updated with the latest anti-virus software.

Matt Peachey, international vice president and general manager at Pindrop, said: “Fraudsters today do not have to work that hard to gather data because consumers aren’t even taking the most basic measures to protect their online identity.

“Criminals will always try to stay one step ahead of consumers and they are increasingly using social media to learn about their targets. This is leading to an alarming rise in phone fraud across financial institutions.”

When it comes to online banking, 28% of consumers said they get frustrated if they have to answer too many security questions.

Some 59% stated that they would be willing to change bank if one is more secure than the other, however.

Tech and wellbeing

Research by ComRes revealed 60% of Brits think technology will improve their future wellbeing.

Some 70% also think healthcare should be the focus of technological advancement, compared to 29% of those who think it should be space exploration.

Despite this enthusiasm however, 53% of Brits worry that people will become increasingly isolated as tech advances. Only 28% believe technology to have a positive impact on levels of employment, and just 22% claim to be optimistic about the future of tech and wellbeing.

Reviving retail

A report by Ubamarket found that 43% of the UK do not buy their groceries online.

UK customers also expressed a dissatisfaction with internet grocery retail, with 71% saying they are frustrated with their online shopping experience. Reasons for this dissatisfaction were found to be being unable to select own fresh produce (38%), receiving unwanted replacement items (29%), products being of a poor quality (18%), difficulty checking dietary information (10%), receiving the wrong items (16%), being confronted by too many options when searching for an item (12%), inconvenient delivery slots (12%), and long waiting times (6%).

Unsurprisingly, the report also outlined that 78% of Britons prefer to shop in-store, with only 20% preferring the online experience.

However, Ubamarket’s survey also indicated that 66% of UK adults are frustrated with supermarkets, with 35% agreeing that checkout waiting times could deter them from in-store grocery shopping in the future.

Growth

Data gathered by recruitment finance specialist Sonovate revealed the top 10 fastest growing UK tech companies according to employee increase. These are as follows:

  1. CRISPR Therapeutics
  2. Tandem Bank
  3. Deliveroo
  4. Atom Bank
  5. Starling Bank
  6. OneWeb
  7. Property Partner
  8. RateSetter
  9. TransferWise
  10. Ezbob
top 10 growth

Metrics: employee increase over the last two years

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